Vringo, Inc. (VRNG) Jumps After Mark Cuban Shows New 7.44% Stake

Vringo, Inc. (NYSE: VRNG) is indicated to open sharply higher after billionaire Mark Cuban disclosed a new 7.44%, or 1,030,720 share, stake in the company late Friday. Cuban disclosed his stake in a 13G filing, indicated a "passive investment" above 5%.

The new stake from Cuban makes him the largest shareholder of the company. The next largest holder of the company is Iroquois Capital LP at 6.4%.

Back on April 2nd, shares of Vringo surged 89 percent on heavy volume. The company issued a statement on April 3rd related to the unusual market activity in its stock. The company stated its policy is not to comment on unusual market activity.

Vringo is a provider of software platforms for mobile social and video applications. Vringo's video ringtone service enables users to create or take video, images and slideshows from virtually anywhere and turn it into their visual call signature.

Shares of Vringo last traded at $3.75, up 23 percent from Friday's close.

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