After a hefty gain of about 58% in the past week, shares of Vringo, Inc. (NYSEAMEX:VRNG) gapped up by 18% to $5.35 on Monday as traders are optimistic on the company’s upcoming trail in the court related to the patent fight with Google Inc(NASDAQ:GOOG).
Well, the latest fight is yet to end, the company has decided to sue another company for patent infringement as on Monday the company said it was suing the UK subsidiary of ZTE Corporation for infringement.
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It further said “The filing of this action in the United Kingdom is an initial step in Vringo’s global licensing and enforcement program in the telecommunications sector.”
Last week was a win situation for VRNG as A federal judge provided good results for the company and signaled Google to conduct settlement talks with Vringo this week ahead of an Oct. 16 trial date.
However, on the one hand there was a good, on the other hand, the stock was down 13% on Friday after the company announced that it raised $45 million in a direct offering to five of its existing institutional investors at $4.35 a share.
Vringo is seeking at least $696 million in damages from Google for patent violations.
The patents which are under dispute were developed by Donald Kosak and Andrew Land, 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.