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Unwired Planet, Inc. Message Board

  • investora2z investora2z Oct 13, 2013 12:15 PM Flag

    Last few days have been good

    The stock has appreciated by 11% over the last one month. The last few days have seen upward movement accompanied by higher volumes. This indicates that there could be a few more good days though nothing material has changed fundamentally. Google has recently asked for invalidation of the two mobile advertising patents for which Unwired had sued it. Google is arguing that they both claim abstract ideas that cannot be patented. Further, the company recently announced appointment of Grant Thornton as its independent registered public accounting firm beginning for its first quarter ended Sep 30 2013. As per the company, the decision to dismiss KPMG and to engage Grant Thornton was recommended by the Audit Committee of the Company’s Board of Directors. The SEC filing in this connection mentions that KPMG’s report indicates that the Company did not maintain effective internal control over financial reporting as of June 30, 2013. Specifically, the Company has controls over the preparation of their cash flow statement, calculation of earnings per share, reconciliation of financial statement footnote disclosures and completeness of financial statement footnote disclosures. However, these controls did not operate effectively due to a lack of resources with experience in financial reporting. This is nothing significant, and the company's real problem lies in the financial performance, and being unable to deliver on its promise. Patents are big business now, and the insignificant revenues earned by the “inventors of mobile internet” is surprising. On the other hand, Spherix (SPEX), a full service IP company has recently built up a diversified portfolio comprising of hundreds of patents. It has filed lawsuits against big companies like T-Mobile (TMUS) within a few months of transformation to a patent asserting entity. Unwired needs to show remarkable progress on monetizing its patents. Till that happens, it will be difficult for any rally to sustain.

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