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Vringo's COO stepping down; legal update provided

Dec. 19, 2014 10:06 AM ETXWELL, Inc. (XWEL) StockXWELBy: Eric Jhonsa, SA News Editor3 Comments
  • Vringo (VRNG +2.9%) states COO Alexander R. Berger is transitioning to a consulting role. The company adds a new employment agreement has been reached with CFO Anastasia Nyrkovskaya.
  • Vringo has also provided an update on its various court battles. Hearings were recently held in Germany, Romania, and India for Vringo infringement suits against ZTE, and an infringement ruling was levied against ZTE in the U.K. A Brazilian injunction against ZTE remains in force.
  • A German court will rule on ZTE and Asus' alleged infringement of two Vringo patents in early 2015, and a ZTE appeal of a German infringement ruling for another patent is set for July 22. Oral hearings are set to take place in France and Malaysia, and a trial is expected to begin in Australia in 2H15.
  • Shares fell 22% on Monday after Vringo announced a U.S. federal appeals court had denied Vringo's petition for an en banc review of its August ruling regarding Vringo's suit against Google.

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