Vringo Soars 24% after Court Says Entitled to ‘Ongoing Royalties’ from Google, Others
By Tiernan Ray
Shares of patent holding company Vringo (VRNG) were briefly halted this afternoon before the company announced that the U.S. District Court for the Eastern District of Virginia, Norfolk Division, found the company is entitled to “ongoing royalties” in its lawsuit against a group of companies including Google (GOOG) and AOL (AOL).
The shares have now resumed trading and are up 73 cents, or almost 24%, at $3.86.
Vringo is scheduled to have settlement talks with defendants later today.
Vringo has been suing Google and the others on grounds their Web search efforts infringed on fundamental technologies whose patents Vringo has acquired over the years. The amounts proposed by the jury seem to be lower than some were expecting, given the shares traded off on the announcement. (For further background, see the long TechCrunch article back in April of 2012 by James Altucher.)
Today’s announcement follows a January 3rd court document stating the company was entitled to supplementary damages. That follows an initial $30 million judgment in the company’s favor back in November.
Vringo had fallen on that initial November ruling, as the judgment was smaller than some investors had been expecting. The stock plunged back in October when word first came that the judge in the matter had limited the damages in the case.
Vringo shares are up 18% in the last 12 months. http://blogs.barrons.com/techtraderdaily/2014/01/22/vringo-soars-24-after-court-says-entitled-to-ongoing-royalties-from-google-others/?mod=tech