Shares of Vringo, Inc.(AMEX:VRNG) gapped down this
morning and fell 13% in the opening session. However, today’s retreat shouldn’t
be surprised as the stock had soared all the way from $3.11 to $5.55 (all time
high), a gain 78% in tow trading sessions. The latest rally was driven as a
Judge completely denied Google Inc(NASDAQ:GOOG)’s request to issue any summary
about then onoing patent, which is estimate to be valued at $700 million.
The company this morning 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.
Will VRNG Hit $10 Before The case Date? Find Out here
In a global patent war taking place, Vringo (VRNG)
received four out of six positive construction Markman rulings in its cases
against tech giants’ viz. a viz. Aol (AOL), Google (GOOG), and Target Corp
(TGT). The company won these four patents in June 2012.
However, in the present scenario, Google Inc. was
over-ruled of its request for a summary judgement by the judge in the court
room today. The judge further pronounced
an order wherein all the parties should make a conscious effort for a mutual
settlement in front of the United States magistrate, Judge Lawrence R. Leonard
at 10:30am, Tuesday October 9, 2012. The parties are expected to meet on
October 5th also with relevance to some other talks.
The stocks of the company went up and returned to
the investors as much as 39% alone after the court hearing that occurred on
Wednesday. It further appears that the stock is likely to be a flagship
breakout on the charts following
the Bear Raid down through $3.00 last Thursday – Friday. A trial or an out of
court settlement are the obvious alternative steps in the near future. However,
as anticipated, Google might not risk a huge judgement against them.
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