The value of small cap stock of TiVo Inc. (NASDAQ:TIVO) was lower on Monday after Verizon dismissed a patent from its lawsuit against the company, leaving the telecom company with only a patent claim, Reuters reports.
According to the news source, Verizon spokesman Ed McFadden said the decision would not strongly affect the lawsuit.
"The filing today doesn't affect the substance of Verizon's case or our likelihood of success. These were simply procedural steps," he said.
MDC analyst Michael Cohen stated that the decision to dismiss the patent would be great for TiVo in the long run, as none of the company's patents have ever been dismissed, compared to the five dismissals Verizon has faced. On Friday, Verizon filed a court document that stated it would dismiss the patent to prevent it from being filed against the company at a later time.
According to Fiercetelecom, TiVo has been ensnared in similar legal battles over its video recording technology with other companies, including Dish Network and Echostar. The company's stock was down 4.56 percent at 3:15 p.m. to $7.95.