Taptica dragged into long-running spat between Uber and Fetch
By Iain Gilbert
Date: Wednesday 12 Jun 2019
(Sharecast News) - Advertising technology group Taptica International has been dragged into a long-running spat between ridesharing giant Uber and advertising agency Fetch.
Taptica told investors on Tuesday that it was one of roughly 100 companies alleged by Uber to have committed fraudulent concealment, negligence and unfair competition, with the claims stemming from late 2017 when Uber sued Fetch, now part of Dentsu Aegis, for $40m, claiming that millions of dollars spent on adverts had been wasted.
Fetch countersued for $20m in early 2018 over unpaid invoices, calling Uber a "faithless business partner" and while Uber voluntarily dismissed its case against Fetch, it has chosen to extend its legal battle to the firms used by the agency to place its adverts.
"Based on the information available to the company to date, the claims appear to be without merit," said Taptica, which vowed to "aggressively defend against these claims".
Separately, Taptica revealed it was "actively considering" implementing a further share buyback programme with the same parameters as its current ongoing programme following the company's annual general meeting.
As of 0830 BST, Taptica shares had shot up 13.25% to 94p.
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