It just gets better and better for Vonage Corp. (VG). A federal judge ruled today that Vonage cannot service new customers while it appeals a finding that it infringed Verizon Communications Inc. (VZ) patents for making phone calls over the Internet.
Of course Vonage plans to appeal the decision and it requires the company to post a $66M bond.
Conspiracy Theory or not, just image what will happen Monday to VG shares?
Vonage shares closed down almost 7% on Thursday to $3.37 on the New York Stock Exchange ahead of the court hearing. Yea I’m sure the gang over at 3I Investments PLC with their 12,846,511 shares of Vonage are feeling good about this news. As expected, it’s only getting worse before it can get better for Vonage.
Microvision Inc. (MVIS) saw shares breaking out of the long term $4 resistance this week. Volume on MVIS has been crazy for the past few days, around 1.7 million shares compared to the daily average volume of just 787,162 shares. The company recently announced that it entered into a product development deal with a global Tier 1 automotive partner. Back in February we told how their PicoP technology could change the game, time to re-read that story my friends.