Google Wins Favorable Decision Against Vringo
Shares of Vringo (NYSE: VRNG) have been exceptionally volatile on Wednesday after a federal judge gave Google (NASDAQ: GOOG) a major victory in an ongoing patent lawsuit between the two companies. According to the Virginian-Pilot, "U.S. District Judge Raymond A. Jackson ruled that if Vringo and its subsidiary, I/P Engine, convince a jury that Google infringed on the patents, it cannot collect damages for the six years prior to the lawsuit's filing last year."
According to the judge, Vringo waited too long to file the lawsuit because Google made the patent technology public in 2005. The trial is expected to wrap up tomorrow, according to the Pilot. Vringo shares were finally halted in late afternoon trading. It is unclear why the shares were halted so late in the day after trading in a range between $1.87 - $4.47.
The stock was down 36 percent at $2.56 when the halt was put into place. Earlier in the day, Vringo had tripped circuit breakers and were halted momentarily three different times due to the extreme volatility.
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