Vringo, Inc. (NYSEAMEX:VRNG)’s patent battle with Google may be attracting a lot of attention, but so far as the investors are concerned they have been left with erosion in the value of their holdings.
Ever since its patent infringement trial went to the courtroom on October 16, after Google refused the option of an out-of-court settlement, shares in Vringo have dropped by a fourth.
On the other hand there has been very little news about the trial or the court case to cheer investors.
In the midst of all this silence over the court case, iStock reported some rather unsettling news. According to the news website, "Six insiders sold a ton of Vringo shares on the eve of the trial and near its recent highs."
This does not augur well for the company and says a lot about the confidence that the management has in its own case. At least that is how the management will read it.
According to the report - "Director John Engelman unloaded 11,173 shares on October 3rd at a cost average of $4.03, another 1,173 shares at $5.29 on the 8th, and 1,173 more on the 15th for $4.65 per share. Engelman still owns 265,095 shares.
President & CTO, Andrew Lang parted ways with 238,626 shares on Oct 3. Andrew sold 68,171 more shares at a cost average around $5.09 on the 9th and went small on the 15th, selling only 14,558 shares at $4.65. Lang still owns 2,765,400 shares.
Next up, Chief Executive Officer, Andrew Perlman got into action on the 3rd by dumping 97.332 shares for $4.01. Four thousand more went out the door on the 8th and the 15th for $5.29 and $4.625, respectively. Perlman still owns 741,666 shares.
Another board member, Seth Siegel joined the selling party on the October 3, 2012 with 152,421 shares at roughly $4.02 per share. Keeping up with the trend you may have noticed, 2,421 shares on the 15th. Siegel still owns 379,678 shares.
COO and Secretary, Alexander Berger sold a total of 209,595 on the 3rd and 5th, a total of 31,940 more on the 8th and 9th, and finished up with 8,828 on the 15th. Berger still owns 1,839,516 shares."