Autobytel sues InsWeb for patent infringement
Shares of InsWeb Corp. (Nasdaq: INSW) are in negative territory on news before the start of trading that the insurance information website is being sued by Autobytel Inc. (Nasdaq: ABTL) for patent infringement.
Irvine, Calif.-based Autobytel, a small-cap automotive marketing services company, has filed a lawsuit in the U.S. District Court for the Eastern District of Texas against micro-cap InsWeb, according to news reports. Autobytel is seeking damages and wants a permanent injunction.
Gold River, Calif.-based InsWeb said it was surprised to hear of the lawsuit and is convinced it is not guilty of any wrongdoing.
Shares of InsWeb (INSW) were down 14.18%, or $1.53, at $9.26 at today’s closing.
