BRAZILIAN COURT ANNOUNCES FAVORABLE RULING FOR VRINGO
(Thomson Reuters ONE) -
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(at)vringoinc.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Vringo, Inc. via GlobeNewswire
[HUG#1922122]
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 393995
Anzahl Zeichen: 6356
contact information:
Town:
New York
Kategorie:
Business News
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"BRAZILIAN COURT ANNOUNCES FAVORABLE RULING FOR VRINGO"
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