[UPDATED] Pandora stock continued to fall Monday closing down 1.3% at $9.12, despite buyout rumors. The fall was fueled in part by a lawsuit filed by PayPal over Pandora’s logo. Adding to the bad news, Macquarie Capital analysts downgraded Pandora stock from a buy to neutral, because they aren’t sure that a buyout will happen at reasonable price.
A lawsuit filed by PayPal against Pandora in NYC on Friday says that the confusion over the two blue and white logos that and use a capital has “interfered dramatically with PayPal users’ experience.”
“One critically important function of the PayPal Logo is to stand out on the crowded screens of customers’ smartphones and tablets,” the lawsuit states. But the Pandora’s logo “not only resembles, but openly mimics the PayPal logo.”
PayPal tried to work the problem out with Pandora, according to the Post, but was ignored. Thus, the PayPal suit which just piles on Pandora’s plethora of problems.
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