Vringo, Inc. (NASDAQ:VRNG): Recent Supreme Court Ruling Could Benefit The Company


Dallas, Texas 05/28/2014 (FINANCIALSTRENDS) – Vringo, Inc. (NASDAQ:VRNG)’s stock witnessed significant trading movement during yesterday’s session following a Seeking Alpha blog which reported that a recent Supreme Court ruling could potentially benefit the company in its pending legal dispute with Google Inc. (NASDAQ:GOOG). The Supreme Court of the U.S. in its recent ruling effectively removed laches as a defense in litigations pertaining to copyright. Vringo v/s Google row is before the U.S. Court of Appeals which would now potentially consider the “Laches” ruling, increasing the chances of Vringo’s legal victory in the row.

The stock shot up during the morning session and marked an intraday high of $3.69. However, the stock lost its initial gain and closed at $3.41, up 4.28% from its previous close. The stock traded with significant volume of 6.45 million shares against its average volume of 2.18 million shares. The stock has delivered 9.31% negative returns over the past one month.

First Quarter Operating Results

Vringo, Inc. (NASDAQ:VRNG) recently reported its 1Q14 results for the quarter ended March 31, 2014. The company reported net loss from continuing operations of $10.9 million for 1Q14 mainly because of increase in its operating legal costs of $4.6 million related to its ongoing litigations and planned enforcements; general and administrative expenses of $1.9 million; and non-cash expenses of $4.7 million. The company reported total net loss of $0.13 per basic share for 1Q14, down from a net loss of $0.15 per basic share reported during 1Q13. The company reported cash of $27.8 million as at March 31, 2014 which it regarded as adequate to support its current operations.

Vringo, Inc. (NASDAQ:VRNG) also announced the closure of its sale of mobile social application business during 1Q14 to Infomedia Services Ltd. in exchange for an approximately 8% equity stake in Infomedia.

Company Brief

Vringo, Inc. in a mobile technology company with intellectual property portfolio of more than 600 patents and patent applications, including patents acquired from third parties.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.