Key Developments: Vringo Inc (VRNG.PH)
3.04USD
24 May 2013
$0.07 (+2.36%)
$2.97
$3.07
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$3.03
1,400
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Latest Key Developments (Source: Significant Developments)
Vringo Inc's I/P Engine, Inc. Files Lawsuit Against Microsoft Corp
Vringo Inc announced that wholly owned subsidiary, I/P Engine, Inc., filed a patent infringement lawsuit against Microsoft Corporation in the Southern District of New York. The lawsuit alleges infringement of U.S. Patent Nos. 6,314,420 and 6,775,664, entitled Collaborative/Adaptive Search Engine and Information Filter System and Method for Integrated Content-Based and Collaborative/Adaptive Feedback Queries, respectively. According to the complaint, I/P Engine is seeking a judgment declaring that Microsoft has and continues to infringe the patents-in-suit, and an award past and future compensatory damages amounting to no less than reasonable royalties, prejudgment interest and any other damages based on any form of recoverable economic injury. Full Article
Vringo Inc Says Jury Supports Patent Case Against Google 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
Vringo Inc Announces $45 Million Registered Direct Offering of Common Stock
Vringo Inc announced that it has entered into subscription agreements for the sale of 10,344,998 shares of its common stock in a registered direct offering at a price of $4.35 per share, for gross proceeds of approximately $45 million. The shares were offered directly to five existing institutional investors without a placement agent or underwriter. The sale and issuance of the shares is expected to close on or about October 9, 2012, pending NYSE MKT approval. Full Article
Vringo Inc Denied Summary Judgment In Patent Dispute With Google Inc -Reuters
Reuters reported that Vringo Inc's shares jumped on Wednesday after a judge denied Google Inc a motion for summary judgment in a patent dispute. Google was sued by Innovate/Protect Inc, which was acquired by Vringo. Vringo is seeking an award of at least $696 million from Google, financial website iStockAnalyst reported. Full Article
Vringo Inc Closes Financing And Acquisition Of Nokia Oyj Patent Portfolio
Vringo Inc announced the closing of previously announced registered direct offering. Vringo has received approximately gross proceeds of approximately $31.2 million from the sale of 9.6 million shares of common stock in the offering. As previously announced, Nokia agreed to sell to Vringo a portfolio consisting of over 500 patents and patent applications worldwide. Vringo anticipates receiving assignments of the patents and patent applications over the next three months. Full Article
Vringo Inc And Nokia Execute Patent Purchase Agreement
Vringo Inc announced that it had entered into a Patent Purchase Agreement with Nokia Corporation pursuant to which Nokia agreed to sell Vringo a portfolio consisting of over 500 patents and patent applications worldwide, including 109 issued United States patents. Vringo agreed to compensate Nokia with a cash payment and certain ongoing rights in revenues generated from the patent portfolio. The portfolio encompasses a broad range of technologies relating to cellular infrastructure, including communication management, data and signal transmission, mobility management, radio resources management and services. Full Article
Vringo Inc Announces $31.2 Million Registered Direct Offering of Common Stock
Vringo Inc announced that it has entered into subscription agreements for the sale of 9.6 million shares of its common stock in a registered direct offering at a price of $3.25 per share, for gross proceeds of approximately $31.2 million. Approximately 90% of the shares in the offering were placed with three institutional investors. The shares were offered directly to the investors without a placement agent or underwriter. The sale and issuance of the shares is expected to close on or about August 10, 2012. Vringo intends to use the proceeds of the offering to acquire a portfolio of intellectual property from Nokia Corporation, to repay all outstanding indebtedness, and for general corporate purposes. The sale and issuance of the shares is being made pursuant to a prospectus supplement dated August 9, 2012 and an accompanying prospectus dated August 2, 2012, pursuant to Vringo's effective "shelf" registration statement on Form S-3 (File No. 333-182823), which was filed with the Securities and Exchange Commission on July 24, 2012 and was declared effective on August 2, 2012. Full Article
Vringo Inc Announces Management Change-Form 8-K
Vringo Inc reported in its Form 8-K that on July 19, 2012, pursuant to the Merger Agreement and in connection with the completion of the Merger, Messrs. Edo Segal, Philip Serlin and Geoffrey Skolnik resigned from the Board of Directors of the Company (Board). On July 19, 2012, at the Board meeting held immediately following the 2012 Annual Meeting of Stockholders, the Board elected the following persons: Andrew D. Perlman as Chief Executive Officer (CEO), Andrew Kennedy Lang as President and Chief Technology Officer, Ellen Cohl as (CFO) Chief Financial Officer and Treasurer, Alexander R. Berger Chief Operating Officer and Secretary. Full Article
Vringo Inc Completes Merger With Innovate/Protect
Vringo Inc announced the completion of its merger with Innovate/Protect, Inc., a company that seeks to maximize the value of intellectual property and technology assets. During the Company’s Annual Meeting of Stockholders held earlier, the proposal of the merger between Vringo and Innovate/Protect and the related issuance of securities received the support of 99.61% of the shares voted at the meeting. The boards of directors of both Vringo and Innovate/Protect had unanimously approved the merger. Vringo’s Board of Directors also announced that Vringo will not be effecting a reverse stock split. The combined entity, which trades on the NYSE MKT under the symbol VRNG, is managed by an executive team led by Chief Executive Officer Andrew Perlman and supported by the board of directors, which consists of directors from the previous Vringo and Innovate/Protect boards. Full Article
Vringo Inc And Innovate/Protect Inc Sign Definitive Merger Agreement; Appointment And Resignation Of Chief Executive Officer
Vringo Inc and Innovate/Protect Inc announced that that they have entered into a definitive agreement to merge. Through the strategic combination with Innovate/Protect, Vringo will substantially increase its intellectual property portfolio, add significant talent in technological innovation, and be positioned to enhance its opportunities for revenue generation through the monetization of the combined company's assets. Upon completion of the merger, in exchange for all of the issued and outstanding shares of capital stock of Innovate/Protect, Vringo will issue: approximately 16,972,977 shares of Vringo common stock in exchange for all of the issued; and outstanding shares of common stock of Innovate/Protect and 6,968 shares of a newly-created Series A Convertible Preferred Stock (which shall be convertible into approximately 21,026,637 shares of Vringo common stock) in exchange for all of the issued and outstanding shares of preferred stock of Innovate/Protect. Vringo also announced that Andrew Perlman, its President, has been named (CEO), replacing Jonathan Medved who is stepping down. Mr. Perlman will remain CEO following the closing of the transaction. Full Article
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