ZTE FOUND TO VIOLATE INJUNCTION IN BRAZIL
May 19 2015 - 11:47AM
Court-Appointed
Experts Find That ZTE Sold Products In Violation Of Court
Order
NEW YORK - May 19, 2015 - Vringo,
Inc. (NASDAQ: VRNG), a company engaged in the innovation,
development and monetization of intellectual property, today
announced that court-appointed experts in Brazil have issued a
report stating that ZTE violated a Brazilian court injunction.
Vringo received a preliminary
injunction against ZTE on April 15, 2014, prohibiting ZTE 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.
Based on evidence of a potential
violation of the injunction, the State Court of Rio de Janeiro
appointed experts to investigate ZTE's activities in Brazil.
According to the expert report, a December 1, 2014 raid of
ZTE's warehouse in Hortolândia, São Paulo, Brazil uncovered 977
components of infringing products. A Court officer, under the
supervision of ZTE's employees, put these components under seal,
preventing their movement out of ZTE's warehouse. As a result
of the raid, the experts obtained more than 7,000 ZTE invoices and,
after an exhaustive investigation, determined that ZTE sold at
least 360 components in violation of the injunction since April
2014. In their report, the experts also noted that ZTE failed
to produce several accounting and tax documents that ZTE had been
specifically ordered to produce during the raid.
"ZTE's flagrant violation of the
Court-ordered injunction in Brazil is yet another example of its
refusal to play by the rules," said David Cohen, Vringo's Chief
Legal and Intellectual Property Officer. "Courts around the world
have taken notice of ZTE's lack of respect for intellectual
property and the rule of law," Mr. Cohen continued.
Vringo now plans to file a motion
for contempt with the Court requesting that punitive measures be
taken against ZTE for its violation of the injunction.
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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