NEW YORK, NY--(Marketwire -03/12/12)- Augme Technologies, Inc. (OTC.BB: AUGT.OB - News), ("Augme®") ("the Company"), a leader in interactive media marketing that provides the only patented end-to-end mobile marketing platform, today announced that it has filed a patent infringement lawsuit in the United States District Court of Delaware against Velti USA, Inc., (NASDAQ: VELT - News) (the "Defendant"), a global provider of mobile marketing and advertising technology and solutions.
Augme is asserting three causes of action involving patent infringement related to Augme-owned United States Patent No. 7,783,721 ("Method and Code Module for Adding Function to a Web Page"), United States Patent No. 7,269,636 ("Method and Code Module For Adding Function to a Web Page") and United States Patent No. 6,594,691 ("Method and System for Adding Function to a Web Page"). Augme seeks injunctive relief to prevent Defendant from continuing to infringe Augme's patents. In addition, Augme seeks a recovery of monetary damages resulting from Defendant's past infringement of these patents and all legal fees associated with this patent enforcement effort.
"Augme is fully committed to protecting the intellectual property rights provided by its growing patent portfolio," said Paul Arena, Chief Executive Officer of Augme Technologies, Inc. "We are taking this action on behalf of our shareholders to protect Augme's market-leading mobile marketing business from unfair practices by a direct competitor, and we expect to win damages, to be granted an injunction, and to be awarded legal fees."
Augme's Complaint alleges that it has suffered irreparable harm as a result of the alleged infringement and thus seeks a permanent injunction against Velti USA, Inc. The requested injunction would prevent Velti USA, Inc. from manufacturing, using, offering for sale, selling and/or importing into the United States of infringing products, methods, processes, services and/or systems that are primarily used or primarily adapted for use in an electronic or computer network system for targeting content via a Web browser. The Defendant's activities have been identified as infringing Augme's '721, '636 and/or '691 Patents, or otherwise inducing or contributing to the alleged infringement.
Cheerleaders beware.....if they lose this legal fight VELT drops like a rock.......be careful here. I cannot see this ending well for VELT based on my research. Day traders like me are running this up daily and taking profits based on useless articles from the likes of"Seeking Alpha".....really it's a good thing that nobody follows the stock........what a scoop, it's time to buy (he,hee,hee) Anyway it's you money and yes before you get your drawers in a bunch and start calling me names I do short and buy VELT daily . However, Every now and then I do start to feel sorry for the potential bagholder and I type an email like this....must be getting soft
Checking on old VELT......looks like an uneventful day.......with no news, there will be no day traders/ buyers and this position will continue to drift lower day after day Until lawsuit is sorted out IMHO.
Look at the chart for the last 5 days, and tell me how anyone can time that to scalp what looks like .25-.50 shorting without getting squeezed out? This is not a stock to short, especially since they just reevaluated the price targets above $20. This may not stop till it gets close to that. Looks like its being accumulated strongly. A high growth stock with a eps above .50 a Q is easily a $20+ valuation. VELT netted last Q 5 times what AUGT rev was for the whole year. I'm sure if little AUGT had what VELT wanted, they'ed just buy the whole company. I've seen to many of these patent OTC stocks draw investors in to pump their pps up. They usually go no where.