ZTE FOUND TO VIOLATE INJUNCTION IN BRAZIL
(Thomson Reuters ONE) -
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(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#1922618]
Unternehmensinformation / Kurzprofil:
Datum: 19.05.2015 - 17:47 Uhr
Sprache: Deutsch
News-ID 394413
Anzahl Zeichen: 6065
contact information:
Town:
New York
Kategorie:
Business News
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