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Article: Settlement clears cloud over Vonage expansion
- Article from:
- International Herald Tribune
- Article date:
- October 10, 2007
- Author:
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Laura M. Holson
International Herald Tribune
10-10-2007
Vonage, the Internet phone-calling pioneer, has settled its patent dispute with a U.S. phone company Sprint Nextel for $80 million and agreed to license Sprint's Internet-calling technology, the two companies said.The news Monday buoyed the price of Vonage's stock amid optimism that the settlement would eliminate one of several clouds hanging over the company. Its shares jumped 123 percent to close at $2.57. They are still down 63 percent for the year.Last month, Vonage was ordered to pay $69.5 million in damages to Sprint after a jury found that the company infringed on six of its patents. The settlement Monday with Sprint resolves ...