XpresSpa Group Inc (XSPA)

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Vringo's Brazilian injunction against ZTE upheld
Mar 23 2015, 11:07 ET | By: Eric Jhonsa, SA News Editor Contact this editor with comments or a news tip
A Brazilian court has denied ZTE's fifth attempt to end an injunction placed in April 2014 on the sale of 3G/4G infrastructure hardware declared to be infringing Vringo's (VRNG -4.2%) IP. ZTE had offered to post a bond in exchange for the injunction's lifting.Vringo adds it recently "accompanied a court officer and court-appointed experts on a raid of a ZTE warehouse," during which "the court officer seized ZTE infrastructure equipment and a significant number of documents." The company asserts the seized docs "uncovered evidence that ZTE has sold infringing products in violation of the injunction."Vringo, which has sued ZTE in many locales worldwide. blasted off in February on ZTE settlement hopes, but quickly returned a majority of its gains. Shares are selling off today in spite of the Brazilian announcement.