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Friday, Aug 16
Vringo soars after court makes royalty ruling
- The district court handling Vringo's (VRNG +6.4%) IP suit against Google, AOL, Target, IAC, and others has ruled Vringo is "entitled to an award of a post-judgement royalty."
- The court adds "additional discovery and briefing is necessary to determine the precise nature of the royalty." A royalty rate base of 20.9% has been set.
- Shares took off earlier this month thanks to a ruling stating Vringo is entitled to supplemental damages and pre-/post-judgment interest related to last November's infringement verdict.
- Vringo spiked as high as $3.83 in response to today's ruling, but has since pared its gains.