Investing.com — Shares of Booking Holdings (NASDAQ:) rose 3% following news that a federal court overturned a jury verdict that previously held the company liable for violating a law on computer fraud in a case against Ryanair DAC.
The court’s decision overturned the verdict that found Booking.com guilty of knowingly defrauding Ryanair by using online travel agents to scrape flight information from Ryanair’s website, according to a Bloomberg Law report published Thursday .
Judge William C. Bryson of the U.S. District Court for the District of Delaware ruled that Ryanair failed to prove that it suffered losses of $5,000 or more due to the actions of Booking.com, an item necessary for a violation of the Computer Fraud and Abuse Act (CFAA). The costs cited by Ryanair, including those related to account verification, customer service salaries and hosting an anti-scraping program, were not convincingly linked to Booking.com’s scraping activities.
The market’s positive response to the court’s ruling reflects relief that Booking Holdings will not face damages or other legal complications related to this case. It also removes a cloud of legal uncertainty that had hung over the company’s shares.
Investors in Booking Holdings will likely continue to monitor the company’s legal developments and their potential impact on its business operations and financial performance.
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