A year after its parent company Granite Communications Inc. was forced to pay $10 million to settle a lawsuit by a disgruntled former employee, the company’s stock price is up 20%.
But it’s still $11.66 below the closing price on March 4, 2016, when the lawsuit was filed.
That’s a 1.3% gain over the last five days.
It’s also up from $10.84 on March 3, 2016.
That was a 7.3%.
The stock is now trading at $12.31.
“The company’s value has been boosted by Granite’s acquisition of Micron, which helped the company generate a profit of more than $1 billion last year,” according to the Reuters report.
Granite acquired Micron in 2015 and later merged it with Telefonica, which is currently worth $9.4 billion.
That move helped boost Granite stock to $12, from $13.03 on March 1.
“It’s a really interesting day,” said analyst James Green.
“We were expecting that the price would go up a little bit more.”
That may mean that Granite could see a slight bounce from this filing, but not enough to make it a real market driver.
“I don’t think that Granet has been in a position to do this on its own,” said Green.
The filing comes on the heels of another $9 billion acquisition by Granet, which included the purchase of the popular satellite television service Sling TV and its mobile video streaming service YouTube.
Granet shares closed Tuesday at $11,988.10.
