In a bearish market down almost 150 points, Redflex (ASX:RDF) stands out as one of the bourse’s few stars of the day.
The company operates re-light and speed photo enforcement systems, primarily in the United States.
Redflex shares were dumped by investors after the company announced, in December, that its results would be impeded, among other things, by the high costs of defending litigation in the US. Shares dropped by over 30% over the next few months.
However the company announced at the end of May that it had won a legal challenge that had been raised by competitor American Traffic Solutions. Karen Finley, CEO of Redflex further commented that the ATS lawsuit was “a baseless attempt to misuse the court system to win in a courtroom what it could not win in fair competition”.
Redflex Holdings Ltd (ASX:RDF) shares have bounced from a near 12 month low of $1.50 and are currently trading over $2.00.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.