Shares of Vringo, Inc.(NYSEAMEX:VRNG) are posting heavy gain suddenly and moved up to new one month high on the news that The judge refused to end the case in Google's favor, according to documents. a federal judge ordering settlement talks with Google Inc(NASDAQ:GOOG) over pending patent litigation.
The talks are all set to be on October 9th.
From US District Judge Raymond Jackson [In part]:
"Before the Court is Defendants' Motion for Summary Judgment pursuant to Rule 56 of the Federal Rules of Civil Procedure. The Cour finds that oral argument of this motion will not aid is decisional process. 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 is dispute.
Will VRNG Hit $5 Before October 9th? Find Out Here
Accordingly, it is ORDERED that Defendants' Motion for Summary Judgment is DENIED. It is further ORDERED that parties engage in settlement discussions before United States Magistrate Judge Lawrence R. Leonard at 10:30 am on Tuesday, October 9, 2012."
Recently, Vringo (VRNG) the patent holding company that has been suing Google (GOOG) for what it claims are core technologies at the heart of search that Google is infringing on, this afternoon issued a press release saying its subsidiary concerned in the suit, I/P Engine, received word from the U.S. Patent Office this afternoon that the office intends to proceed with Google’s request to re-examine one of two patents Vringo is pressing in the matter, U.S. patent number 6,314,420, which Vringo calls the “420 Patent.”
Shares of VRNG soared 28% to $3.95 on hefty volume of 7.50 million shares. Shares of the company are up 300% so far this year.