Key Developments: AOL Inc (AOL)
36.38USD
23 May 2013
$0.15 (+0.41%)
$36.23
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$36.50
$35.74
450,677
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$43.93
$24.96
Latest Key Developments (Source: Significant Developments)
Vringo Inc Says Jury Supports Patent Case Against AOL Inc, Others-Reuters
Reuters reported that Vringo Inc said a jury had asked five companies, including Google Inc to pay about $30 million for infringing its patents. The court-appointed jury upheld the validity of Vringo's patents and asked Google Inc to pay $15.8 million, AOL Inc $7.9 million, IAC/InterActiveCorp-owned IAC Search & Media $6.6 million and Gannett Co Inc $4.3 million, Vringo said. Vringo inherited the lawsuit after it acquired Innovate/Protect (I/P), a company which specializes in monetizing intellectual property, in March. I/P had filed a patent infringement lawsuit against AOL Inc, Google Inc, IAC/InterActiveCorp, Gannett Co Inc and Target Corp. After finding that the patent claims were both valid and infringed by Google Inc, the jury found that reasonable royalty damages should be based on a "running royalty", and that the running royalty rate should be 3.5%, Vringo Inc said. Full Article
AOL Inc Raises FY 2012 OIBDA Guidance-Conference Call
AOL Inc announced that it had originally guided its expectation for fiscal 2012 adjusted OIBDA, excluding one-times, to $375 million. Given its outperformance in Q3, the Company is now comfortable with a number closer to $400 million. Full Article
AOL Inc Announces Appointment Of Karen Dykstra As Chief Financial Officer
AOL Inc announced the appointment of Karen Dykstra as Chief Financial Officer. Dykstra served on the Company’s Board of Directors since December 2009, and fills the role vacated by Artie Minson following his promotion this June to Chief Operating Officer. Full Article
AOL Inc Announces Special Dividend-WSJ
The Wall Street Journal reported that AOL Inc to pay a $5.15 special cash dividend on December 14, 2012 to shareholders of record at the close of business on December 5, 2012. Full Article
Augme Technologies Inc Provides Patent Litigation Against Yahoo, AOL, Pandora, And Velti.
Augme Technologies Inc announced the Company's on-going patent enforcement activities, including its seven federal lawsuits involving four of the Company's issued United States patents. Augme Technologies vs. Yahoo!, Augme vs. Tacoda & AOL, Augme vs. Pandora, Augme vs. Velti, Augme vs. Millennial Media. On August 9, 2012 Hon. Magistrate Judge Joseph Spero granted Yahoo!'s motion for summary judgment. The decision concludes the district court phase of this litigation and involves only United States Patent Nos. 6,594,691 and 7,269,636. The suit had accused specific Yahoo! targeted advertising systems of infringement. The Court found, given the evidence presented, that the accused Yahoo! systems could not be found to infringe under the Court's interpretation of Augme's claims. The Court did not rule on invalidity issues raised by Yahoo!. Augme continues to maintain that Yahoo!'s targeted marketing systems use Augme's patented technology and constitutes an infringement of its patent portfolio that the Company will ultimately resolve through licensing or litigation. The Company is considering an appeal to the Court of Appeals for the Federal Circuit in Washington, DC, the highest patent court, of the summary judgment ruling by U.S. District Court. Augme also is exploring opportunities in conjunction with third party licensing partners to move its licensing program forward. Full Article
AOL Inc Announces Expiration of Dutch Auction Tender Offer; Announces $550 Million Stock Repurchase Authorization
AOL Inc announced the expiration as scheduled of its modified Dutch Auction tender offer for the repurchase of up to $400 million in value of shares of its common stock. AOL also announced that its Board of Directors has approved a $550 million stock repurchase program. Full Article
AOL Inc Announces Commencement Of $400 Million Modified Dutch Auction Tender Offer For Its Common Stock
AOL Inc announced that it has commenced a modified “Dutch auction” tender offer to repurchase shares of its common stock up to an aggregate purchase price of $400 million. The $400 million aggregate purchase price of shares of common stock sought in the tender offer includes the approximately $40 million remaining from the initial $250 million stock repurchase authorized in August of 2011 and brings the total amount AOL intends to return to shareholders in 2012 to approximately $1.1 billion. The tender offer begins June 28, 2012, and will expire at 5:00 p.m., New York City time, on August 2, 2012, unless extended or earlier terminated by AOL. Under the terms of the proposed tender offer, AOL’s shareholders will have the opportunity to tender some or all of their shares at a price within the range of $27.00 to $30.00 per share. AOL intends to return 100% of the proceeds from the sale to Microsoft Corporation of over 800 of AOL's patents and their related patent applications to shareholders. Currently, AOL’s preferred method of returning the proceeds is via a share buy-back either through open market repurchases or a tender offer. If the tender offer is fully subscribed, then shares of common stock having an aggregate purchase price of $400 million will be purchased, representing approximately 15.8% to 14.2% of AOL’s issued and outstanding shares as of June 14, 2012, depending on the purchase price payable for those shares pursuant to the tender offer. Full Article
Rosenfarb Law Firm Files Class Action Lawsuit On Behalf Of Sellers Of Shares of AOL Inc
Rosenfarb Law Firm announced that on May 3, 2012, it filed a class action lawsuit (Complaint) in the United States District Court, Southern District of New York, on behalf of all persons who sold shares of AOL, Inc. (AOL or the Company) between August 11, 2011 and April 9, 2012, inclusive (the Class Period), against the Company and certain of the Company's officers and directors, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder by the SEC. The case is styled Rosenfarb v. AOL, Inc. et al. (No. 12-CV-3497-DLC). In addition to the Company, the Complaint names AOL Chairman and Chief Executive Officer Tim Armstrong, and AOL Chief Financial Officer and President of AOL Services Arthur T. Minson as defendants (the Individual Defendants and, together with AOL, Defendants). The Complaint alleges that Defendants made materially false and misleading statements during the Class Period that omitted or failed to disclose that, at the relevant times: Defendants had committed to a plan to sell AOL's valuable patent portfolio; Defendants had initiated an active program to locate a buyer for the patent portfolio; Defendants were actively marketing the patent portfolio; and, as a result, Defendants maintained an artificially low price for AOL's securities throughout the Class Period and understated AOL's liquidity and future prospects. Full Article
AOL Inc Completes $1.056 Billion Patent Transaction with Microsoft Corp
AOL Inc announced that it has completed the previously announced $1.056 billion patent transaction with Microsoft Corporation. The transaction includes the sale of over 800 patents and their related patent applications, and grants Microsoft a non-exclusive license to its retained patent portfolio for aggregate proceeds of $1.056 billion in cash. As a part of the transaction AOL also received a license to the patents being sold to Microsoft. Full Article
AOL Inc Raises FY 2012 EBITDA Guidance
AOL Inc raised fiscal 2012 adjusted OIBDA guidance to $350 million. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EBITDA of $310 million for fiscal 2012. Full Article
AOL shares sink as its websites still lose money
- AOL Inc shares tumbled 10 percent on Wednesday after it posted another loss in its content group, reviving concerns that the company's profits were still mostly coming from a shrinking dial-up platform.
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