The Mobile Embrace Ltd (ASX: MBE) share price has surged higher in afternoon trade following a positive announcement out of the mobile marketing and carrier billing m-commerce company.
In late trade its shares are up 14% to 8.8 cents.
What happened?
This afternoon the company advised that it has settled its ongoing litigation with GBD Ventures.
GBD Ventures was suing Mobile Embrace for approximately $3.5 million for losses alleged to have been incurred under a digital video advertising inventory supply agreement.
According to the release, judgement has gone in favour of Mobile Embrace. The company's cross-claim has, however, been dismissed.
As a result, under the terms of the settlement, all parties will be responsible for payment of their own legal costs.
Despite today's gain, Mobile Embrace's shares are still down a disappointing 45% year-to-date.
