LONDON (Alliance News) - Shares in Taptica International Ltd plunged on Tuesday after the company said US transportation firm Uber Technologies Inc has filed a complaint in the Superior Court of the State of California against Taptica.
Shares in the advertising technology firm were 21% lower at 103.50 pence on Tuesday.
Taptica said it is one of several adtech companies that Uber has filed a complaint against, alleging "fraudulent concealment, negligence and unfair competition".
In a research note, broker finnCap referred to when Uber sued ad agency Fetch for USD40 million in late 2017, claiming that it wasted money on programmatic advertisements as the adtech companies employed by Fetch claimed payment for acquired users that downloaded its app organically, without clicking on the advert itself.
Fetch itself counter-sued Uber for USD20 million in unpaid invoices in early 2018.
"Uber voluntarily dismissed its case but now seems to have extended the complaint to the numerous networks which Fetch used to place these ads," said finnCap analyst Lorne Daniel.
Taptica said that it will "aggressively defend" the claims as based on information available, the company said that the claims "appear to be without merit".