Thursday, October 4, 2012

Vringo Inc. (AMEX:VRNG) V Google (NASDAQ:GOOG): U.S. Court Turns Down Appeal for Summary Dismissal of Vringo’s lawsuit

Google (NASDAQ:GOOG)’s appeal for summarily dismissing a patent lawsuit filed by Vringo  Inc.(AMEX:VRNG) was turned down by a U.S. court on Wednesday, on the grounds that there were matters of genuine issue which were under dispute.

"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 $6 Before The case Date? Find Out here

There is a complicated history behind the lawsuit filed by Vringo against the Internet search giant. 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.

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.

Shares in Vringo rose about 40 percent after the judge's ruling. The stock has risen to $4.30 from $1 in April. Shares of VRNg are up another 10% in the opening on Thursday.

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