Vringo, Inc.(NYSEAMEX:VRNG) shares are hitting an all time high in Thursday’s session with the stock gaining another 25% to $5.37 after soaring 39% in the previous trading session. The recent rally has been attracted after a U.S. court rejected Google (NASDAQ:GOOG)’s appeal for summary on the ongoing case with Google, valuing at around $700 million.
"Having carefully reviewed the parties' pleadings, the court finds that summary judgment is inappropriate at this time as there are genuine issues of material fact in dispute," U.S. District Judge Raymond Jackson said in his order.
Will VRNG Hit $10 Before The case Date? Find Out here
The patents which are under dispute were developed by Donald Kosak and Andrew Lang, who was the chief technology officer of Lycos. They were bought by a company called I/P Engine, which merged with Vringo in July this year.
After the merger Vringo sued big companies such as Google, AOL, Gannett, IAC and Target alleging that the search giant was using the patents to deliver advertisings to users and that Google had gained $38 billion annually as a result of this.
AOL has already settled with Vringo but it is still part of the lawsuit filed by Vringo as it contracts ads from Google.
The latest conclusion by the Judge will open door for Vringo’s to initiate a trial October 9, 2012.
Shares of VRNG made an all time high of $5.55 earlier in the session and has risen 440% so far this year.