Tuesday, August 4, 2009

ROK E Road

According to post yesterday on The Lawyer website UK law firm Field Fisher Waterhouse LLP is taking mobile video streaming company ROK Entertainment Group (ROKE) to court to recover almost $125k (+ interest) in alleged unpaid fees for advisory work on a planned acquisition of a company called Inter Credit Group. The action seemed to spook investors, sending ROK's stock down 88% today to just over a penny (yikes). ROK, founded in the West Midlands in 2004, has long struggled to find its financial footing and like many mobile firms of its vintage has redefined its primary mission more than a few times. They did make an encouraging recent announcement that their ROK TV product is now compatible with BlackBerry devices, which is no mean feat given how restrictive RIM has been with video players on its platform. Unfortunately this may be a case of too little, too late given the financial, and now legal, obstacles the company faces.

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