vringo inc (VRNG) Key Developments
Vringo, Inc. Provides Update on UK Litigation
Dec 22 14
Vringo, Inc. announced that the High Court of Justice, Chancery Division, Patents Court in the United Kingdom ordered ZTE to make an interim payment on account of Vringo's legal costs incurred with respect to the UK part of Vringo's European Patent 1,212,919, previously found to be infringed by ZTE and valid as amended. The Court ordered ZTE to pay Vringo £600,000 (approximately $938,000) after taking into account a balancing payment to ZTE with respect to Vringo's withdrawal of another patent from litigation, by January 12, 2015. ZTE's obligation to pay for Vringo's remaining costs with respect to the '919 Patent will be assessed by a separate process, unless agreed, to be conducted next year.
Vringo, Inc. Announces Transition of the Role of Alexander R. Berger from Chief Operating Officer and Director to Consultant
Dec 19 14
Vringo, Inc. announced that the company has entered into a consulting agreement with Alexander R. Berger, who will transition from the role of Chief Operating Officer and director to a consultant to the company. Mr. Berger will remain a member of boards of directors of certain Vringo subsidiaries.
Vringo, Inc. Receives Non-Compliance Notice From NASDAQ
Dec 19 14
On December 18, 2014, Vringo, Inc. received a notification letter from The NASDAQ Stock Market (NASDAQ) informing the company that for the last 30 consecutive business days, the bid price of the company’s securities had closed below $1.00 per share, which is the minimum required closing bid price for continued listing on NASDAQ Capital Market pursuant to Listing Rule 5550(a)(2). This notice has no immediate effect on the company's NASDAQ listing; the company has 180 calendar days, or until June 16, 2015, to regain compliance. To regain compliance, the closing bid price of the company’s securities must be at least $1.00 per share for a minimum of ten consecutive business days. If the company does not regain compliance by June 16, 2015, the company may be eligible for additional time to regain compliance or if the company is otherwise not eligible, the company may request a hearing before a Hearings Panel.
Vringo, Inc. Presents at LD Micro Conference, Dec-03-2014 12:00 PM
Nov 5 14
Vringo, Inc. Presents at LD Micro Conference, Dec-03-2014 12:00 PM. Venue: Luxe Sunset Boulevard Hotel, 11461 Sunset Boulevard, Los Angeles, California, United States. Speakers: Andrew D. Perlman, Chief Executive Officer and Director, Clifford Weinstein, Executive Vice President.
Vringo, Inc. Announces Operating Results for the Third Quarter Ended September 30, 2014
Nov 4 14
Vringo, Inc. announced operating results for the third quarter ended September 30, 2014. For the quarter, the company’s net loss from continuing operations was approximately $12.4 million (including approximately $2.3 million of net non-cash expenses), mainly attributable to; operating legal costs of $8.5 million, mainly in connection with ongoing litigations against ZTE Corporation, ASUSTeK Computer, Inc., and certain of their affiliates and customers, and other planned enforcements of the company’s intellectual property; In addition, the company incurred expenses during the quarter related to the filing and preparation of the petition for en banc review of the Federal Circuit's decision in the company's ongoing litigation against AOL Inc, Google, Inc. et al; general and administrative, and other expenses of $1.6 million. Non-cash expenses of $5.1 million mainly related to equity-based compensation costs and amortization of the company’s patents. Also included is a one-time impairment charge of $1.4 million related to certain patents; Non-cash income of $2.8 million related to the valuation of warrants. Total diluted net loss per share was $0.16 compared to $0.13 per share for the quarter ended September 30, 2013.