Australia's SenSen hits 5-week low after being served with court proceedings

Sensen Networks

16/12/2022 01:14

** Shares of Australia's SenSen Networks Ltd  SNS.AX  fall
as much as 13% to A$0.060, lowest since Nov. 11
    ** The AI software and solution provider says it has been
served with Federal Court of Australia proceedings by Angel
Group Co., Ltd and Angel Australasia Pty Ltd
    ** Says Angel alleges that SenSen has infringed two of it's
Australian patents
    ** Adds quantum of the sought compensation has not been
identified but co intends to vigorously defend these proceedings
    ** Stock set to mark worst day since Dec. 1, if losses hold 
 
    ** SNS has fallen 54% this year as of last close
 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))