Shares of Vringo Inc fell as much as 10 percent after the mobile phone software maker said a jury had asked five companies, including Google Inc, to pay about $30 million for infringing its patents.<\/p>\n
Vringo had been looking for much higher compensation of at least $696 million from the companies, financial website iStockAnalyst had previously reported.<\/p>\n
The court-appointed jury upheld the validity of Vringo’s patents and asked Google to pay $15.8 million, AOL $7.9 million, IAC\/InterActiveCorp-owned IAC Search & Media $6.6 million and Gannett Co Inc $4.3 million, Vringo said.<\/p>\n
Vringo inherited the lawsuit after it acquired Innovate\/Protect (I\/P), a company which specializes in monetizing intellectual property, in March.<\/p>\n
I\/P had filed a patent infringement lawsuit against AOL, Google, IAC, Gannett and Target Corp in 2011.<\/p>\n
The lawsuit against Google involves two patents that I\/P bought from Lycos, one of the biggest search engines of the 90’s.<\/p>\n
After finding that the patent claims were both valid and infringed by Google, the jury found that reasonable royalty damages should be based on a “running royalty”, and that the running royalty rate should be 3.5 percent, Vringo said.<\/p>\n
Vringo shares were down 8 percent at $3.66 in late-afternoon trading on the American Stock Exchange.<\/p>\n
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