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Vringo, Inc. (VRNG)

  • Thu, May 14, 12:27 PM
    • Vringo (VRNG +3.4%) has officially filed a petition for a Supreme Court review of last August's federal appeals court (CAFC) ruling that overturned a Virginia jury's infringement verdict against Google.
    • The company stated in December it planned to seek a Supreme Court review, after the CAFC denied Vringo's petition for an en banc review of its ruling. The S.C. only reviews a tiny % of petitioned cases.
    • Vringo's petition argues "the Supreme Court should intervene to ensure that patent litigation does not continue to be at risk of arbitrary re-litigation years after a patent has been issued by appellate judges who did not witness the trial and have only the cold record to review."
    • Separately, VRNG)+Patent/10556062.html" target="_blank">ZTE states China's patent re-examination board has invalidated a Vringo patent for the 13th time in 9 months. The invalidations come ahead of a June 1 hearing by a Shenzhen court for a ZTE anti-monopoly suit against Vringo.
  • Tue, May 5, 1:11 AM
    • Vringo (NASDAQ:VRNG) has "entered into an agreement with a long-standing institutional investor to issue $12.5 million of senior secured convertible notes." (PR) (8-K filing)
    • The notes mature 21 months from issuance, carry an interest rate of 8%, and have a conversion price of $1.00 (39% above current levels). Vringo can repay the notes "in either cash or, subject to certain conditions, shares of the company`s common stock at a discount to the then-current market price."
    • Along with the notes, the investor is receiving warrants to purchase 5.375M shares at $1 apiece; they'll be "exercisable six months and one day from the date of issuance and will have a term of five years from the date they first become exercisable."
    • Vringo only says it will use the proceeds to "enhance its monetization efforts around the world for existing and upcoming monetization efforts." The company had $16M in cash at the end of 2014, and less than $200K in debt. 2014 free cash flow was -$28.6M.
  • Fri, May 1, 9:43 AM
    • An online listing of the statuses of various U.K. lawsuits suggests Vringo (NASDAQ:VRNG) has settled its British infringement suit against ZTE. Vringo has jumped in response.
    • Vringo stated a month ago it had filed a Statement of Case in the U.K. that "sets out terms for a FRAND license in the context of appropriate relief being determined" for a patent a local court had ruled ZTE to be infringing. Last December, ZTE was ordered to pay $938K in Vringo legal fees on account of having been ruled to infringe the U.K. part of a Vringo European patent.
  • Wed, Apr. 8, 5:04 PM
    • A Southern New York federal court has ruled ZTE breached an NDA with Vringo (NASDAQ:VRNG) that formed the original basis of Vringo's U.S. claim against the Chinese IT/telecom equipment firm.
    • The court, which assumed control of Vringo's U.S. suit against ZTE in February, has also granted Vringo's requests to consolidate its NDA case and FRAND licensing case (previous) against ZTE for purposes of pretrial discovery, to extend the deadline for fact discovery, and to seal an unredacted version of Vringo's Motion to Compel.
    • Vringo also states a French infringement trial against ZTE will start on April 13, and that Brazilian "court-appointed experts" are finalizing reports Vringo believes will demonstrate ZTE's flouting of a local injunction that was upheld last month.
    • Shares rose to $0.745 in regular trading. They're up 35% YTD, but remain sharply below where they traded before last summer's adverse CAFC Google ruling.
  • Mon, Mar. 23, 11:07 AM
    • A Brazilian court has denied ZTE's fifth attempt to end an injunction placed in April 2014 on the sale of 3G/4G infrastructure hardware declared to be infringing Vringo's (VRNG -4.2%) IP. ZTE had offered to post a bond in exchange for the injunction's lifting.
    • Vringo adds it recently "accompanied a court officer and court-appointed experts on a raid of a ZTE warehouse," during which "the court officer seized ZTE infrastructure equipment and a significant number of documents." The company asserts the seized docs "uncovered evidence that ZTE has sold infringing products in violation of the injunction."
    • Vringo, which has sued ZTE in many locales worldwide. blasted off in February on ZTE settlement hopes, but quickly returned a majority of its gains. Shares are selling off today in spite of the Brazilian announcement.
  • Tue, Mar. 3, 11:28 AM
    • Volatile Vringo (VRNG +7%) has rallied strongly over the last two trading days after providing an update on its ongoing legal battle against ZTE, and publishing patent licensing rate term sheets on its site.
    • Of note: Vringo stated ZTE is seeking (in the U.S.) "a final determination on a global FRAND license for ZTE to Vringo`s standard-essential patents," and that its complaint will be heard in a Southern New York district court.
    • Also: Vringo says it filed a Statement of Case in the U.K. that "sets out terms for a FRAND license in the context of appropriate relief being determined" for a Vringo patent ZTE was ruled to infringe, should ZTE request a FRAND license.
    • Shares soared last month on hopes a ZTE settlement was near, but gradually gave back a chunk of their gains.
  • Tue, Feb. 10, 11:51 AM
    • Four days after ZTE filed a request in a Delaware court for a temporary restraining order (TRO) against Vringo (NASDAQ:VRNG) to prevent it from making a deposit that would allow a Romanian injunction to be enforced, a motion to dissolve the TRO has been granted, and the case transferred to a Southern New York district court. (hat tip: Patent Plays)
    • Also: Court docs indicate ZTE's chief IP officer recently visited Vringo's NYC office last week.
    • Vringo's shares are up 53% over the last two trading days.
    • Yesterday: Vringo closes up 30.6% on ZTE settlement hopes
  • Mon, Feb. 9, 5:02 PM
    • Quiet for much of the day, Vringo (NASDAQ:VRNG) blasted off during the final hour. Growing hopes for a favorable ZTE settlement are the apparent trigger.
    • Late on Friday, ZTE filed a request in a Delaware federal court for a temporary restraining order (TRO) and preliminary injunction against Vringo to prevent it from submitting a deposit to enforce a recent Romanian injunction - ZTE phones sold in Europe are produced in Romania - while stating it wants to license Vringo's patents on FRAND terms. Vringo responded (.pdf) with a letter to the judge handling the case accusing ZTE of violating an NDA.
    • SA author Patent Plays: "It now appears Vringo, who was "slow rolling" the Romania cash deposit, may have done so to provoke ZTE into filing a FRAND lawsuit here in the United States ... It now appears that Vringo may have strategically aligned these series of events to advance not only a ZTE Frand settlement, concerning Vringo's 3G 4G LTE wireless patents, but a far reaching NDA lawsuit affecting the entire smartphone industry."
    • Update: Vringo is up another 12.4% to $0.91.
  • Sun, Feb. 8, 3:32 PM
    • Rep. Bob Goodlatte (R-VA) has introduced a new version of the Innovation Act, a bill aiming to make it tougher for IP licensing firms (often referred to by critics as patent trolls) to pursue infringement suits. The original Innovation Act was shelved 9 months ago by Sen. Pat Leahy (D-VT), reportedly at the behest of then-Senate Majority Leader Harry Reid (D-NV). With the Republicans now controlling the Senate, the new version might have better odds.
    • Among other things, the bill: 1) Requires plaintiffs to disclose a patent's owner prior to litigation, and explain why they're suing a company in proceedings. 2) Requires courts to make a decision on a patent's validity early in the litigation process. 3) Requires judges to award attorney's fees to defendants for frivolous claims. 4) Requires the Judicial Conference to create rules lowering the costs of the discovery process during litigation, so that "patent trolls cannot use the high costs of discovery to extort money." 5) Creates "a voluntary process for small businesses to postpone expensive patent lawsuits."
    • Not surprisingly, Goodlatte's bill has been praised by an IT/telecom trade group - "We finally have a bill that would create a bit of gridlock for patent trolls’ extortion schemes." And it has been harshly criticized by a trade group representing IP licensors. "[T]he bill being introduced is over broad and does not take into account the many developments that have taken place over the past year in the patent landscape..."
    • As it is, the last two years have seen the White House issue executive actions and legislative proposals aimed at curtailing patent law abuses, the Supreme Court set limits on software patents (while upholding software's patentability), and lower federal courts issue a string of adverse rulings against various firms pursuing infringement claims.
  • Wed, Feb. 4, 1:11 PM
    • The Romanian court handling Vringo's (VRNG +4) infringement suit against ZTE in the country has rejected ZTE's attempt to obtain extraordinary relief for an injunction placed on sales of 4G phones and infrastructure gear within the country.
    • ZTE had petitioned the court to require Vringo to pay a €40M bond. Vringo's bond payment remains at €240K. The injunction remains in place "pending trial on the merits."
    • Shares are higher, but have pared their gains for the day after Vringo's PR was released. They rose slightly yesterday after Vringo provided a legal update on its battles against ZTE in the U.K., Romania, Germany, Brazil, and China.
  • Fri, Jan. 23, 1:22 PM
    • A German court has ruled ZTE and Asus didn't infringe the German parts of Vringo's (NASDAQ:VRNG) '136 and '941 European patents. The first patent covers devices (including hotspot-capable hardware) that provide data services between two networks, and the second is related to navigation systems providing traffic info. (8-K)
    • Vringo says it's exploring all possible remedies, including appeal. A German court is also set to rule on the validity of the '136 and '941 patents (the hearing date hasn't yet been set).
    • Vringo has been squaring off against ZTE in many different locales. Last month, a U.K. court ordered ZTE to pay Vringo $938K to cover the latter's legal costs for an infringement suit related to the U.K. part of Vringo's '919 European patent.
  • Tue, Jan. 20, 12:14 PM
    • By a 7-2 margin, the Supreme Court has ruled in favor of Teva Pharmaceuticals in its patent suit against generic drugmakers, thereby reversing a federal appeals court (CAFC) decision that declared a patent in dispute was invalid, and sending the case back for further review.
    • Vringo (NASDAQ:VRNG) appears to have gotten a lift from the ruling. The company is a month removed from stating it will seek a Supreme Court review of the CAFC's adverse ruling against Vringo regarding its infringement suit against Google, after the CAFC denied a petition for an en banc review of its decision. (hat tip: Patent Plays)
    • Shares are still down 82% from where they traded prior to the Google ruling.
  • Sun, Jan. 4, 3:49 PM
  • Dec. 22, 2014, 11:56 AM
    • A U.K. patent court has ordered ZTE to pay Vringo (VRNG -3.2%) £600K ($938K) to cover Vringo's legal costs for an infringement suit related to the U.K. part of European patent 1,212,919.
    • Vringo adds ZTE's obligations to pay Vringo's remaining legal costs related to the suit "will be assessed by a separate process" next year.
    • Last month, the patent court ruled ZTE infringed the U.K. portion of the patent, which is related to 3G/4G infrastructure hardware. At the time, ZTE stated "the impact of the decision on ZTE’s business operations in the U.K. is limited as no ZTE products containing technology related to the ‘919’ patent are currently shipped in the country."
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  • Dec. 19, 2014, 10:06 AM
    • 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.
  • Dec. 15, 2014, 12:40 PM
    • The federal appeals court that ruled against Vringo (NASDAQ:VRNG) in its infringement suit against Google has denied its petition for en banc review of the ruling.
    • Vringo says it will now seek a Supreme Court review. Lawyer David Boies: "This case presents important questions of patent law and the role of juries in patent cases that require further review. The dissenting opinion is a powerful signal that this case warrants attention."
    • The SC only hears a small fraction of the cases appealed to it. Federal courts have been frequently ruling against IP licensing firms this year, as Unwired Planet can attest.
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Company Description
Vringo Inc is engaged in identifying, generating, acquiring, and deriving economic benefits from intellectual property assets. Its intellectual property portfolio consists of over 500 patents and patent applications.