stock sinks 20% on judge’s ruling

Cyberbiz Brief

Just when it seemed that things couldn’t get any worse for online music service, shares of the company fell more than 20% Thursday, the day after a federal judge ruled that the dot-com willfully violated music copyrights.

Stock’s closing price was $6.19, down from a one-year high of $64.63, reached in November. The Netco could be forced to pay more than $118 million to Universal Music Group as a result of the infringement, a possibility that caused analysts to downgrade the outlook for the company’s stock.

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