BRAZILIAN COURT ANNOUNCES FAVORABLE RULING FOR VRINGO
May 18 2015 - 9:00AM
ZTE's Latest
Challenge To Overturn Brazilian Preliminary Injunction
Fails
NEW YORK - May 18, 2015 - Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced that the Brazilian Federal Court in Rio de Janeiro has
denied ZTE's motion for a preliminary injunction against Vringo
Infrastructure, Inc.
Vringo received a preliminary
injunction against ZTE on April 15, 2014. Since that time,
ZTE has sought to overturn the injunction by filing numerous
appeals. ZTE's most recent attempt to overturn the injunction was a
lawsuit filed by ZTE's Brazilian subsidiary. In that lawsuit, ZTE
requested a preliminary injunction against Vringo, seeking the
Brazilian court impose a royalty rate for a temporary license
between the parties
The Court denied ZTE's request for
preliminary injunction based solely on the evidence presented in
ZTE's own filing. Among other points, the Court found that
there was no evidence that ZTE was willing to effectively negotiate
a license prior to Vringo's filing an infringement lawsuit against
ZTE in the Rio de Janeiro State Court. Following this ruling, the
preliminary injunction against ZTE remains in place.
Since April 15, 2014, ZTE has been
prohibited from manufacturing, using, offering for sale, selling,
installing, testing, or importing any 3G, 4G, or LTE infrastructure
equipment in Brazil. The Federal and State Courts of Rio de Janeiro
have, six times, denied ZTE's appeal of this injunction. On October
2, 2014, Vringo was granted the right to enforce the injunction
against ZTE.
On December 1, 2014, Vringo
accompanied a court officer and court-appointed experts on a raid
of a ZTE warehouse in Hortolandia, São Paulo, Brazil. After
reviewing ZTE's records, the court officer seized ZTE
infrastructure equipment and a significant number of documents.
Despite a court order requiring it to do so, ZTE failed to
present accounting documents during the raid. Nevertheless,
from the documents that were seized, Vringo and the court officer
uncovered evidence that ZTE has sold infringing products in
violation of the injunction. Vringo is currently in the process of
reviewing the report prepared by the court-appointed experts of
their findings from the raid.
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
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