(Reuters) - Mobile phone software maker Vringo Inc's shares jumped 39 percent on Wednesday after a judge denied Google Inc a motion for summary judgment in a patent dispute.
Google was sued by Innovate/Protect Inc, which was acquired by Vringo. Vringo is seeking an award of at least $696 million from Google, financial website iStockAnalyst reported.
'Having carefully reviewed the parties' pleadings, the court finds that summary judgment is inappropriate at this time as there are genuine issues of material fact in dispute,' U.S. District Judge Raymond Jackson said in his order.
Google could not be immediately reached for comment.
In July, Vringo completed its merger with Innovate/Protect Inc - who had sued Google and AOL Inc, among others, for patent infringement.
AOL settled a part of the dispute in August, according to media reports.
Shares of the company, which has a market value of about $180 million, were up 35 percent at $4.19 on Wednesday afternoon on the American Stock Exchange. The stock has more than doubled in the last year.
(Reporting by Supantha Mukherjee and Chandni Doulatramani in Bangalore; Editing by Supriya Kurane)
This news article is brought to you by CELEBRITY GOSSIP NEWS - where latest news are our top priority.
No comments:
Post a Comment