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.
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.