Shares Of Vringo Shoot Higher on Court Ruling

Shares of Vringo (NASDAQ: VRNG) are up roughly nine percent after a court in Virginia ruled in its favor against Google (NASDAQ: GOOG) for the period October 1st 2012 to November 20th 2012.

One of the most notable statements in the PACER doc concerns the royalty base. Vringo argued the 20.9 percent of North American revenues is fair, while Google fought for 2.8 percent.

The court document reads, "Accordingly, the Court will award supplemental damages to I/P Engine by applying a 20.9% apportionment to the revenues for the relevant time period, and then a 3.5% royalty rate," because, "the Court finds Defendants' calculation overly speculative and therefore inappropriate to rely upon."

The court also awarded Vringo prorated payments of, "$16,784,491 total, apportioned as follows: $316,408 for AOL, $137 for Gannett, $629,891 for IAC, $6,760 for Target, and $15,831,295 for Google."

Investors are still waiting for a ruling on the running rate.

Note: Luke Jacobi is long Vringo

Posted-In: News Markets Best of Benzinga

(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  Most Popular Solar Sector On Fire as Traders Getting More Optimistic Buffett Embarrasses Analysts Again in His Latest Big Win Oppenheimer Downgrades General Electric Benzinga's Top #PreMarket Gainers iPhone China Mobile Sales Predictions, Facebook Saves a Life & Other First Week of January Highlights Benzinga's Top #PreMarket Losers Related Articles (GOOG + VRNG) iPhone China Mobile Sales Predictions, Facebook Saves a Life & Other First Week of January Highlights Benzinga's Top Stocks Under $5 for 2014 Shares Of Vringo Shoot Higher on Court Ruling Google Clinging to Major Support Level Why Don't Android Users Buy More Stuff? Market Wrap For January 2: Markets Begin 2014 on Negative Note Around the Web, We're Loving... Lightspeed Trading Presents: Thunder and Tubleweeds: Trading Techniques for the New Market Enviroment Pope Francis Rips 'Trickle-Down' Economics Come See How the Pro's Trade in this Exclusive Webinar Wynn, MGM, Other Casino Giants Vying For U.S. Turf What Should You Know About AMZN? View the discussion thread. Partner Network