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It was announced that AOL and Vringo reached a partial patent settlement |
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Released on Tuesday, August 7, 2012, 8:45 AM ET
Pittsburgh, PA (SpeculatingStocks) - Vringo, Inc. (NYSE:VRNG) is a company that we have been following for a while since we discovered it earlier this year on April 1st at around $1.60. At that time, the company announced a definitive merger agreement with Innovate/Protect. This gave VRNG some valuable patents that root back to Lycos that it could then use to pursue Google and others over patent infringement.
VRNG spiked yesterday and is up in the premarket today due to the news that a partial patent settlement has been reached between Vringo and AOL.
AOL was actually named as a customer of Google, Inc., the main defendant in the patent suit. A trial date is scheduled for October 16th and with the heat on, it will be interesting to see if Google settles.
The case must be valid enough for AOL to settle ahead of trial. VRNG is a stock to keep watching and it could challenge the $5.00 level again soon.
On a side note, Mark Cuban is an owner of VRNG shares with over a 7% stake in the company.
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