Marti Technologies' Shares Fall After Turkish Court Rules in Unfair Competition Case
Marti Technologies (MRT) shares were down more than 3% in Friday trading after the Istanbul 14th Commercial Court of First Instance on Wednesday ruled in an unfair competition case brought against the ride-hailing business of its subsidiary, the company said in a regulatory filing.The court partially granted the plaintiffs' claims, holding that Marti's ride-hailing service constitutes unfair competition under the Turkish Commercial Code, according to the filing.The Court rejected the plaintiffs' claims regarding its e-scooter and e-moped services, finding that unfair competition had not been established for those services, the filing added. All of the company's services continue their operations uninterrupted, the filing said.The company said it will appeal the decision at the Istanbul Regional Court of Appeals within the statutory two-week period following the receipt of the reasoned decision by the court.Price: $1.57, Change: $-0.06, Percent Change: -3.68%
