Newsmax Inc. (NMAX) shares plummeted 29.49% during intraday trading on Thursday after a federal judge ordered the company's antitrust lawsuit against Fox Corp to be transferred back to Florida, criticizing Newsmax for "forum shopping."

The judge ruled that Newsmax improperly abandoned an earlier case in Florida and refiled it in Wisconsin after an adverse ruling, stating that Wisconsin has no meaningful connection to the dispute. This represents a significant setback for Newsmax's legal battle against its larger rival, which alleges Fox violated antitrust law by coercing distributors to exclude competitors such as Newsmax or restrict their reach.

Fox has denied any wrongdoing and moved to dismiss Newsmax's claims, previously stating that "Newsmax cannot sue their way out of their own competitive failures in the marketplace to chase headlines simply because they can't attract viewers." The negative legal development appears to have triggered substantial selling pressure on Newsmax shares during the trading session.