Vringo Claims Patent Infringement and 1 Stock that Has Hit 52-Week Highs
Vringo (AMEX:VRNG) made an announcement that its wholly-owned subsidiary, Vringo Infrastructure, Inc., filed a patent infringement lawsuit against the UK subsidiary of ZTE Corporation. The lawsuit was filed in the UK High Court of Justice, Chancery Division, Patents Court, and it claims that there have been infringement violations of European Patents 1,212,919; 1,166,589; and 1,808,029. Declarations were filed at the European Telecommunications and Standards Institute that cover the patents. ZTE’s cellular network elements had relations with all three patents, and ZTE’s GSM/UMTS multi-mode wireless handsets is in the scope of the ‘029 patent. The complaint states that Vringo seeks a declaration that its patents were infringed upon by ZTE’s activities and that the court should use its full legal, equitable, and injunctive power to stop ZTE’s activities as may be appropriate in the circumstances. The shares closed at $5.43, up $0.89 or 19.6% on the day. They have traded in a 52-week range of $0.68 to $5.55.
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Wal-Mart Stores (NYSE:WMT): For the three months that ended on June 30, prepaid card provider Green Dot (NYSE:GDOT) revealed in August that Walmart made up 62 percent of its total operating revenue, versus 60 percent for the same three months the previous year. In the filing, Green Dot warned, “A credit concentration may exist if customers are involved in similar industries, economic sectors, and geographic regions. Our retail distributors operate in similar economic sectors but diverse domestic geographic regions. The loss of a significant retail distributor could have a material adverse effect upon our card sales, profitability, and revenue growth.” Green Dot shares have seen a 22 percent drop in pre-market trading following Walmart’s announcement regarding a prepaid card agreement with American Express (NYSE:AXP). Walmart, did state at the conference call that Green Dot will continue to grow. NetSpend (NASDAQ:NTSP), which is yet another player in the prepaid card space, has fallen 12 percent to $9.50 after Walmart and AmEx announced their card deal. The shares closed at $75.25, up $0.12 or 0.16% on the day. They have traded in a 52-week range of $54.19 to $75.50.