ZTE Ordered To Pay Bond of 50 Million Rupees and To Provide Accounting of Infringing Products for Past and Future
NEW YORK - December 16, 2013 - Vringo, Inc. (NASDAQ: VRNG), a company engaged in the innovation, development and monetization of intellectual property and mobile technologies, today announced that the High Court of Delhi at New Delhi has ordered an expedited trial in Vringo`s lawsuit against ZTE.
According to the Court`s order:
The trial shall be completed within six months from the first day when the matter is listed before the local commissioner. The learned Single Judge may take-up the matter after completion of trial on an expedited basis.
The order follows the High Court`s grant of an ex-parte ad-interim injunction on November 8, 2013, restraining ZTE from manufacturing, importing, selling, offering for sale, using, advertising (either directly or indirectly including through third party websites) infringing products, including mobile handsets, dongles, tablets, and infrastructure equipment compliant with the CDMA2000 technology associated with India Patent No. 243,980, owned by Vringo`s wholly-owned subsidiary, Vringo Infrastructure, Inc.
Vringo filed a suit against ZTE Telecom India Private Limited, ZTE Corporation, and Xu Dejun, Chief Executive Officer of ZTE Telecom India Private Limited, in the High Court of Delhi at New Delhi on November 7, 2013. The lawsuit alleges infringement of the `980 patent, titled "Mobile Station Operable with Radio Access Network and a Packet Data Serving Node and a Method for Operating Such Mobile Station."
In preparation for the expedited hearing, the High Court has set a schedule for pleadings and discovery and has appointed a commissioner to oversee the process of recording of evidence at the trial stage. Following a hearing, on December 12, 2013, the High Court passed a consent order ordering ZTE to pay a bond of 50 million rupees (approximately $800,000 USD) in place of the ex-parte ad-interim injunction. Further, ZTE Corporation and ZTE Telecom India Private Limited are required to file an affidavit of one of their Directors disclosing the number of CDMA devices sold by the ZTE entities in India and the revenues earned from such sales, along with appropriate documents such as invoices and bills of entry supporting the same for both past and future periods. The Court permitted Vringo to seek additional relief upon its review of the quantum of ZTE`s sales pursuant to the foregoing disclosure. The Court further directed that the Indian Customs authorities continue to notify Vringo when all relevant ZTE goods are imported into India and give Vringo the opportunity to inspect such goods.
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 500 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; 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; 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 21, 2013. 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.
Investors and Media:
Executive Vice President
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Vringo, Inc. via GlobeNewswire
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here