VRINGO ANNOUNCES UPDATE ON ZTE LITIGATION
February 11 2015 - 8:30AM
Delaware Court Dissolves
Temporary Restraining Order and Preliminary Injunction Against
Vringo's Enforcement of Patent Rights
NEW YORK - February 11, 2015 -
Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced the United States District Court for the District of
Delaware has dissolved the temporary restraining order and
preliminary injunction entered last Friday in favor of ZTE and
against Vringo.
On February 5, 2015, ZTE filed a
lawsuit against Vringo in the United States District Court for the
District of Delaware, accusing Vringo of violating contractual
obligations made to ETSI, a telecommunications standards-setting
organization, to license standard essential patents on fair,
reasonable, and non-discriminatory ("FRAND") terms. In its
complaint, ZTE asserted that Vringo improperly sought injunctive
relief against ZTE around the world and, specifically, in Romania
where Vringo received an injunction against ZTE's 4G LTE handsets
and equipment.
On February 6, 2015, the United
States District Court for the District of Delaware granted a
Temporary Restraining Order and a Preliminary Injunction against
Vringo, restraining Vringo from taking any action to exclude ZTE
products in Romania and from contacting any of ZTE's customers,
vendors, and suppliers to inform them of the injunction against
ZTE's products.
On Tuesday, February 10, 2015, the
U.S. District Court for the District of Delaware granted Vringo's
motion to dissolve the injunctive relief that the Court ordered on
Friday, February 6, 2015. The Court granted Vringo's motion
one day after Vringo presented the Court with the full picture of
the facts. The Court also ordered that ZTE's underlying
lawsuit against Vringo be transferred to the U.S. District Court
for the Southern District of New York where Vringo brought a
lawsuit against ZTE for breach of the parties non-disclosure
agreement and received a temporary restraining order against
ZTE.
About Vringo,
Inc.
Vringo, Inc. is engaged in the
innovation, development and monetization of intellectual property
and mobile technologies. Vringo's intellectual property
portfolio consists of over 600 patents and patent applications
covering telecom infrastructure, internet search, and mobile
technologies. The patents and patent applications have been
developed internally, and acquired from third parties. For
more information, visit:www.vringo.com.
Forward-Looking
Statements
This press release includes
forward-looking statements, which may be identified by words such
as "believes," "expects," "anticipates," "estimates," "projects,"
"intends," "should," "seeks," "future," "continue," or the negative
of such terms, or other comparable terminology. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from the
forward-looking statements contained herein. Factors that
could cause actual results to differ materially include, but are
not limited to: our inability to license and monetize our patents,
including the outcome of the litigation against online search firms
and other companies; our inability to monetize and recoup our
investment with respect to patent assets that we acquire; our
inability to develop and introduce new products and/or develop new
intellectual property; new legislation, regulations or court
rulings related to enforcing patents, that could harm our business
and operating results; unexpected trends in the mobile phone and
telecom infrastructure industries; our inability to raise
additional capital to fund our combined operations and business
plan; our inability to maintain the listing of our securities on a
major securities exchange; the potential lack of market acceptance
of our products; potential competition from other providers and
products; our inability to retain key members of our management
team; the future success of Infomedia and our ability to receive
value from its stock; and other risks and uncertainties and other
factors discussed from time to time in our filings with the
Securities and Exchange Commission ("SEC"), including our annual
report on Form 10-K filed with the SEC on March 10, 2014.
Vringo expressly disclaims any obligation to publicly update any
forward-looking statements contained herein, whether as a result of
new information, future events or otherwise, except as required by
law.
Contacts:
Investors and Media:
Cliff Weinstein
Executive Vice President
Vringo, Inc.
646-532-6777
cweinstein@vringoinc.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Vringo, Inc. via Globenewswire
HUG#1893609
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Mar 2024 to Apr 2024
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Apr 2023 to Apr 2024