Vringo (VRNG) Slashed as Judge Says Co. Can't Collect Damages Before Lawsuit Filing
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Today's weakness in Vringo, Inc. (AMEX: VRNG) is being attributed to reports that U.S. District Judge Raymond A. Jackson ruled that the company cannot collect damages for the six years prior to the lawsuit's filing last year.
The judge ruled that Vringo and its predecessor waited too long to file the lawsuit since Google made the patent technology public in 2005.
The trial is expected to wrap up tomorrow.
Shares of VRNG are down 44 percent mid-day to $2.24.
The judge ruled that Vringo and its predecessor waited too long to file the lawsuit since Google made the patent technology public in 2005.
The trial is expected to wrap up tomorrow.
Shares of VRNG are down 44 percent mid-day to $2.24.
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