Mitek Systems (MITK -13.1%) dives after announcing it's suing the USAA, an ex-customer, for...

|About: Mitek Systems Inc. (MITK)|By:, SA News Editor

Mitek Systems (MITK -13.1%) dives after announcing it's suing the USAA, an ex-customer, for defamation and unfair business practices. Mitek points to an April PR from the USAA accusing Mitek of misappropriating confidential information and claiming it as its own. Mitek shares were crushed in April after the USAA filed a breach of contract and fraud suit against Mitek, and plunged again in May on an earnings miss. William Blair thinks Mitek will have to settle.