Thursday, October 4, 2012

Vringo Inc. (AMEX:VRNG) To Extend Gain On Judge Denial For Summary

Shares of Vringo, Inc.(NYSEAMEX:VRNG) are showing further gains in the pre-ope trading after soaring over 39% in the prior trading session as a judge on Wednesday refused to make any summary on the latest patent case between Innovate/Protect Inc, which was acquired by Vringo and Google Inc(NASDAQ:GOOG).

The latest conclusion by the Judge will open door for Vringo’s to initiate a trial October 9, 2012.

Will VRNG Hit $5 Before The case Date? Find Out here

In early 2012, Vringo had sued Google saying that on its patents for sorting ads based on click-throughs. Google's Adwords and AdSense are based on this technology and the online search company has reportedly amassed about $67 billion in revenues since 2001 from this.

Analysts and observers said that Vringo could well receive about $700 million in payment for past damages, with additional payments later from the other companies which have been sued.

Since March this year when the lawsuit was initiated, the share price of the company has tripled and has been trading between $3 and $5. Some analysts expect the stock to reach $30 before this year is out.
Shares of VRNG are up another 8% in the pre-open session at $4.65.

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