Finjan Holdings Inc (FNJN)

[lbcb123]

they have zero litigation catalysts until late next year

They are never going to be fairly-valued over the one-off revenue of litigation. They are trying to make the market understand that as they stagger their cases it is really ongoing revenue, but just look at the market cap. Nobody is buying it (literally). They have several cases going to trial next year here and in Germany. I think you are too hung up on the trial dates. Trials mean two years to payouts. It is the $40M win over Blue Coat in 2015 that pays out next year and the $15M Sophos win in 2016 that pays out in 2018. Next year's trials probably won't pay out until 2019. That is why they keep a steady pipeline. Of course there can always be a settlement like Proofpoint. They took $11M now instead of more money in the future. Don't forget they always have that option to accept a lesser amount. That is why dilution is an extremely unlikely option.

think they are full of it with respect to Cyberisk and the mobile browser.

They are meeting stated goals. CybeRisk made a profit last quarter and Gen3 of the browser is being so well received that they are finalizing the first revenue-generating version to be released soon. What are you basing it on that you believe the two business units are failing? Read the reviews (4.5 out of 5) at the Google Play store. Word is spreading and they are getting many downloads.

IR told me it's because they are constantly aware of information that could cause the price to spike and are worried about insider trading.

That is very valid, but there is a workaround. Hartstein should take up to 10% of his $500K salary and do scheduled buys. 2,000 shares each month. That overcomes the appearance of impropriety of a buy coming before news and is a way he can increase his share count to a more acceptable level. That goes for the other executives and BOD if they really believe in the company.