Shares in penny stock Vringo Inc. (NYSE Amex: VRNG) are exploding in early trading up 59 cents, 35.76%, to $2.24 on volume of nearly 4 million. VRNG filed their 10-K on Friday reporting revenues of $718 thousand, a 240% increase from the year ended December 31, 2010. But that is not the good news.
Vringo announced a merger agreement in mid March with VIP Merger Sub, Inc. and Innovate/Protect, Inc., a Delaware corporation and an intellectual property firm founded in 2011 whose wholly-owned subsidiary, I/P Engine, holds eight patents that were acquired from Lycos Inc.
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I/P Engine was started by Ken Lang. I/P Engine merged with VRNG.
I/P Engine is run by the same Ken Lang that sued RIM and won with Attorney David Stout and are currently suing internet monopoly giant Google on patent infringement. (See Here)
The claim: Google has willfully infringed on Vringo – I/P’s patents for sorting ads based on click-throughs.
Their claim: $67 billion of Google’s revenues come from this patent. All of Google’s future revenues come from this patent. Each and every search engine which uses Google is allegedly infringing on the VRNG patent and is being sued.
Think: Interactive Corp with Ask.com. Think AOL. Think Target which internally uses Google’s technologies. Think Gannett which uses Google’s technology and is also being sued. Think of the hundreds of thousands of Google’s customers who use AdSense.
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