vringo inc (VRNG) Key Developments
Vringo, Inc. Announces Financial Results for the Year Ended December 31, 2014
Mar 16 15
Vringo, Inc. announced financial results for the year ended December 31, 2014. For the period, the company reported net loss from continuing operations was approximately $109 million (including approximately $80.2 million of net non-cash expenses), mainly attributable to the following: operating legal costs of $24.0 million, mainly in connection with ongoing litigations against ZTE Corporation, Google, Inc., ASUSTeK Computer, Inc., and certain of their affiliates and customers, and other planned enforcements of intellectual property, general and administrative, and other expenses of $6.9 million, non-cash expenses of $82.4 million mainly related to a goodwill impairment charge during the fourth quarter of approximately $65.7 million, other non-cash expenses during 2014 included $11.0 million related to equity-based compensation costs and $3.8 million of amortization related to patents. During 2014, the company reported revenues of approximately $1.4 million. On per share basis, net loss (from both continuing and discontinued operations) was $1.23 per basic share, compared to a net loss of $0.63 per basic share for the year ended December 31, 2013. Total diluted net loss per share was $1.24, compared to a diluted net loss of $0.63 per share for the year ended December 31, 2013.
Vringo, Inc. Announces Impairment Charges for the Fourth Quarter Ended December 31, 2014
Mar 16 15
Vringo, Inc. announced impairment charges for the fourth quarter ended December 31, 2014. The company reported goodwill impairment charge during the fourth quarter of approximately $65.7 million.
Vringo, Inc. to Report Q4, 2014 Results on Mar 16, 2015
Mar 9 15
Vringo, Inc. announced that they will report Q4, 2014 results on Mar 16, 2015
Vringo, Inc. Presents at NPE 2015 Conference, Mar-12-2015 11:30 AM
Mar 5 15
Vringo, Inc. Presents at NPE 2015 Conference, Mar-12-2015 11:30 AM. Venue: Convene Conference Center, Financial District, New York, New York, United States. Speakers: David L. Cohen, Chief Legal and Intellectual Property Officer.
Vringo, Inc. Announces Favorable Ruling against ZTE in Romania
Feb 4 15
Vringo, Inc. announced it has received a favorable ruling against ZTE in Romania. The court rejected ZTE's attempt to obtain extraordinary relief following the court's earlier rejection of ZTE's appeal of the injunction. ZTE had petitioned the court to require Vringo to pay a EUR 40 million bond to enforce the injunction, an amount it claimed was a more accurate reflection of the damages that ZTE claims to be currently suffering in Romania. The court, in a final decision that may not be appealed, rejected ZTE's claim as inadmissible. The injunction remains in place pending trial on the merits. The bond, which Vringo must pay to continue to enforce the injunction as per the court's earlier order, remains set at EUR 240,000. The injunction, prohibiting ZTE and its distributors from importing, exporting, introducing on the market, offering for sale, storing, selling, distributing, promoting, and/or conducting any other trading activity with respect to any 4G/LTE mobile phone produced by ZTE and any infrastructure equipment produced by ZTE which incorporates 4G/LTE technology, was originally granted by the court on July 1, 2015. ZTE subsequently filed an appeal of the injunction, which was rejected by the court on January 8, 2015. As part of its enforcement of the injunction, Vringo has provided notice to vendors of ZTE handsets and infrastructure equipment in Romania, informing the vendors that the court has ordered them to cease all sales of ZTE 4G/LTE products in Romania. ZTE has previously stated that this injunction would result in losses of over EUR 30 million to ZTE as a result of breaching its contracts with telecom providers Cosmote Romania and Deutsche Telekom AG. ZTE is legally forbidden from delivering equipment found by the court to prima facie infringe the patent-in-suit to these providers. Vringo has provided notice of the injunction to both Cosmote Romania and Deutsche Telekom AG.