Additional Updates on SDNY Litigation and Corporate Matters
NEW YORK -June 29, 2015- Vringo, Inc. (VRNG), a company engaged in the innovation, development and monetization of intellectual property, today provided an update on enforcement actions in Brazil and Romania against ZTE, as well as an update in its SDNY litigation and corporate matters.
Since April 15, 2014, through a preliminary injunction requested by Vringo, ZTE has been restrained from commercializing 3G and 4G infrastructure technology in Brazil. Since that date, ZTE has unsuccessfully sought to have the injunction overturned more than ten times. On June 24, 2015, the reporting appellate judge denied ZTE`s latest request to overturn the injunction, rejecting a new interlocutory appeal, which requested an ex parte preliminary injunction in order to, upon payment of a bond, lift the original injunction.
In addition, the trial court which issued the original injunction against ZTE ordered both parties to file briefs regarding the report by a court-appointed expert on the raid conducted at ZTE`s Headquarters in São Paulo, which confirmed that ZTE violated the injunction. Vringo filed a brief on June 24, 2015 requesting further enforcement measures to secure ZTE`s compliance with the injunction, and asking the court to order ZTE to pay an accumulated daily fine of R$ 8,080,000-approximately $2.5 million-for ZTE`s violation of the injunction. Vringo expects a decision by the 5th Business Trial Court of Rio de Janeiro shortly.
Since June 30, 2014, through a preliminary injunction requested by Vringo, ZTE Romania has been restrained from commercializing any 4G/LTE mobile phone or infrastructure equipment manufactured by ZTE Corporation which incorporates 4G/LTE technology. Since that date, ZTE Romania has unsuccessfully sought to have the injunction overturned seven times. On June 19, 2015, ZTE Romania`s latest attempt, a motion to cancel the January 8, 2015 decision which confirmed the preliminary injunction granted to Vringo against ZTE Romania and others, alleging that the Court made a material error when issuing that decision, was denied by the Bucharest Court of Appeal.
In addition, based on documents recently obtained by Vringo, Vringo is currently investigating whether ZTE Romania and its retailers have breached the preliminary injunction. Vringo is currently assessing the legal remedies available to cure any violation.
United States - SDNY Litigation
On June 23, 2015, the United States District Court for the Southern District of New York granted Vringo`s motions to de-designate ZTE`s responses to discovery requests, including those that reference ZTE`s communications with the National Resources Development Counsel ("NDRC") of the People`s Republic of China, as "Highly Confidential - Attorneys Eyes Only - US Only".
The Court`s ruling will allow Vringo to participate more effectively in its breach of contract case against ZTE, in which the Court has already held that ZTE breached a non-disclosure agreement signed between the parties in December 2013. ZTE may request that these communications remain confidential by July 6.
In addition, the Court referred Vringo`s motion, seeking sanctions against ZTE for its failure to produce certain documents in discovery, to Magistrate Judge Maas. Vringo anticipates that a hearing on this issue will be scheduled soon.
On Friday, June 26, 2015 Vringo filed a S-3 shelf registration statement due to the fact that Vringo`s effective shelf registration, which is currently in place, was set to expire on August 2, 2015.
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.
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.
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Source: Vringo, Inc. via GlobeNewswire