Additional Updates on SDNY
Litigation and Corporate Matters
NEW YORK -June 29, 2015- Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
provided an update on enforcement actions in Brazil and Romania
against ZTE, as well as an update in its SDNY litigation and
corporate matters.
Brazil
Since April 15, 2014, through a
preliminary injunction requested by Vringo, ZTE has been restrained
from commercializing 3G and 4G infrastructure technology in Brazil.
Since that date, ZTE has unsuccessfully sought to have the
injunction overturned more than ten times. On June 24, 2015, the
reporting appellate judge denied ZTE's latest request to overturn
the injunction, rejecting a new interlocutory appeal, which
requested an ex parte preliminary injunction
in order to, upon payment of a bond, lift the original
injunction.
In addition, the trial court which
issued the original injunction against ZTE ordered both parties to
file briefs regarding the report by a court-appointed expert on the
raid conducted at ZTE's Headquarters in São Paulo, which confirmed
that ZTE violated the injunction. Vringo filed a brief on June 24,
2015 requesting further enforcement measures to secure ZTE's
compliance with the injunction, and asking the court to order ZTE
to pay an accumulated daily fine of R$ 8,080,000-approximately $2.5
million-for ZTE's violation of the injunction. Vringo expects a
decision by the 5th Business
Trial Court of Rio de Janeiro shortly.
Romania
Since June 30, 2014, through a
preliminary injunction requested by Vringo, ZTE Romania has been
restrained from commercializing any 4G/LTE mobile phone or
infrastructure equipment manufactured by ZTE Corporation which
incorporates 4G/LTE technology. Since that date, ZTE Romania has
unsuccessfully sought to have the injunction overturned seven
times. On June 19, 2015, ZTE Romania's latest attempt, a motion to
cancel the January 8, 2015 decision which confirmed the preliminary
injunction granted to Vringo against ZTE Romania and others,
alleging that the Court made a material error when issuing that
decision, was denied by the Bucharest Court of Appeal.
In addition, based on documents
recently obtained by Vringo, Vringo is currently investigating
whether ZTE Romania and its retailers have breached the preliminary
injunction. Vringo is currently assessing the legal remedies
available to cure any violation.
United States -
SDNY Litigation
On June 23, 2015, the United
States District Court for the Southern District of New York granted
Vringo's motions to de-designate ZTE's responses to discovery
requests, including those that reference ZTE's communications with
the National Resources Development Counsel ("NDRC") of the People's
Republic of China, as "Highly Confidential - Attorneys Eyes Only -
US Only".
The Court's ruling will allow
Vringo to participate more effectively in its breach of contract
case against ZTE, in which the Court has already held that ZTE
breached a non-disclosure agreement signed between the parties in
December 2013. ZTE may request that these communications remain
confidential by July 6.
In addition, the Court referred
Vringo's motion, seeking sanctions against ZTE for its failure to
produce certain documents in discovery, to Magistrate Judge Maas.
Vringo anticipates that a hearing on this issue will be scheduled
soon.
Corporate
Matters
On Friday, June 26, 2015 Vringo
filed a S-3 shelf registration statement due to the fact that
Vringo's effective shelf registration, which is currently in place,
was set to expire on August 2, 2015.
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; our inability to protect our intellectual
property rights; 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; our ability to continue as a going concern;
our liquidity 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 16, 2015. 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#1932544
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Mar 2024 to Apr 2024
XpresSpa (NASDAQ:XSPA)
Historical Stock Chart
From Apr 2023 to Apr 2024