Vringo Inc. (NYSE Amex: VRNG), one of our penny stock picks months ago for the best stocks to watch is going nuts up 36.51% so far on volume of over 6 million. News broke that Dallas Mavericks Owner Mark Cuban purchased a 7.4% in the penny stock which has fueled today’s rally proving that anytime a Cuban gets involved, things get heated.
Shares have been soaring since Vringo announced a deal last month to merge with Innovate/Protect. Innovate/Protect is just a company that owns a group of patents that were acquired from Lycos and is run by CEO/CTO Andrew Lang, a former Lycos CTO. The hot penny stock, VRNG, is up 207% so far this year. VRNG, one of our penny stock picks from January, is up 167% since. (see here)
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VRNG Stock Snap Shot:
Market Cap: 57.94M
(Apr 3, 2012): 4.05
(Jan 25, 2012): 0.68
Avg Vol (3 month): 1,998,540
Avg Vol (10 day): 4,703,370
Shares Outstanding: 13.86M
% Held by Insiders: 48.72%
The day before VRNG became the patent hubfor Andrew Lang, Mark Cuban wrote a long blog post which laid out the many reasons why he hoped that Yahoo, Inc. (Nasdaq: YHOO) would win its patent infringement suit against Facebook.
Cuban became a fan in Yahoo’s corner because he said that a win against the social media mega giant could trigger a backlash against the current patent system and trigger real reforms.
Cuban wrote in his blog post that he believes that 99% of the time patent laws “are anti-competitive, corruptive, impede creativity and innovation and can kill small businesses.”
The reason for the shake up is that Cuban, the pioneer on the crusade mission against patent trolls, disclosed in a 13-G filing before today’s market open that he has taken a 7.4% stake in VRNG, the newest patent troll.
To view the SEC filings for VRNG, click here.
Bottom Line: Vringo is nothing more than that what its called, a patent troll. They hold patents that they are going to go after Google, AOL and a slew of others with and win and when they do, they could not only take down Google to their knees (or atleast make them bow and kiss the ring), but also become a billion dollar holding company in the process.
Add VRNG to your list of hot penny stocks to watch immediately and don’t hesitate to drop some coin on the chance that even if they only file a suit against the mega giant Google, shares will skyrocket on the speculation alone of them winning.Share