Vringo Crashes 36 Percent on New Ruling
Shares of Vringo (AMEX:VRNG) tripped over a cliff at about 3 pm on Wednesday, crashing about 36 percent in a matter of minutes. Trading was halted, resumed, and was halted again as confusion ensued following news of a decision by a federal judge in the ongoing case between Vringo and Google (NASDAQ:GOOG).
The steep sell off began as news surfaced that the judge ruled that Vringo would not be able to collect damages for the six years before the company filed its lawsuit.
Confusion may have exacerbated a typo in an early report stating that Vringo was claiming damages of only $500,000, a figure that was changed to $500 million. Trading was halted after the initial crash, and resumed briefly to see the share price start climbing back up as confusion settled. Shares closed down 35.97 percent at $2.56.
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