Why Vringo (VRNG) Stock Is Down Today

NEW YORK (TheStreet) -- Vringo (VRNG) is falling -8.1% to $3.75 Tuesday on news that Google (GOOG) is looking to overturn a $30.5 million patent verdict.

According to Bloomberg Google is asked the U.S. Court of Appeals for the Federal Circuit in Washington to throw out the patent-infringement verdict Vringo won in 2012. The patent dispute is related to filtering technology that helps determine the placement of ads in search results. Vringo says Google used the technology in AdWords and AdSense for Search.

Google's appeal only applies to the verdict of the case, and no the subsequent court rulings. One subsequent ruling said that Google's changes to AdWords didn't adequately work around Vringo's patents.

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"Vringo, Inc. (Vringo) is a development-stage company. The Company is engaged in developing software for mobile phones. It provides a platform, which allows users to create, download and share mobile entertainment content in the form of video ringtones for mobile phones. Vringo's product consists of four components, such as The Vringo Mobile Application, The Vringo WAP Site, The Vringo Website and The Vringo Studio. Vringo (Israel) Ltd. is its wholly owned subsidiary. In July 2012, it merged with Innovate/Protect, Inc. The Company's VringForward technology enables users to share video ringtones with friends. Its Vringo Mobile Application includes gallery-based content browsing of video ringtones. In August 2012, Nokia Oyj sold a portfolio consisting of over 500 patents and patent applications worldwide to Vringo."

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