Hot Stocks: FreeSeas Inc. (NASDAQ:FREE), Vringo, Inc.(NYSEAMEX:VRNG), National Bank of Greece (ADR)(NYSE:NBG)
FreeSeas Inc. (NASDAQ:FREE) shares declined 10.39% to $0.651. The company on Sept. 26 announced that it has entered into an assignment and amendment agreement (the “Assignment”) with Deutsche Bank Nederland N.V.(“Deutsche Bank”), a Magna Group affiliate fund Hanover Holdings I, LLC (“Hanover”), Crede CG III, Ltd (“Crede”) a wholly-owned subsidiary of Crede Capital Group, and various wholly-owned subsidiaries of the Company. Pursuant to the terms of the Settlement Agreement, Hanover agreed to purchase USD$10,500,000 of outstanding indebtedness owed by the Company to Deutsche Bank in accordance with the terms thereof.
Vringo, Inc.(NYSEAMEX:VRNG) shares climbed 1.63% to $2.82. The company on Oct. 7 announced that its wholly owned subsidiary, Vringo Germany GmbH, filed a patent infringement lawsuit against Asus in Germany.
On October 4, 2013, Vringo GmbH sued ASUSTeK Computer, Inc. and ASUS Computer GmbH in the Dusseldorf Regional Court. The filings allege infringement of the German part of European Patent 0,748,136. The patent in suit relates to devices, including those with hotspot functionality, that provide data services between two different wireless/cellular networks.
Additionally, the company on Sept. 17 provided an update of its ongoing enforcement actions against ZTE Corporation in Spain. On June 18, 2013, Commercial Court No. 11 of Madrid, specializing in Intellectual Property matters, notified its Ruling granting the application filed by Vringo to perform preliminary inquiries (discovery) against ZTE in Spain on the basis of the likely infringement of Spanish Patent ES 2220484, the validation in Spain of European Patent EP 1186119, entitled “Method for transmitting a sequence of symbols”.
National Bank of Greece (ADR)(NYSE:NBG) shares gained 11.98% to $5.14 on no official news. The company on August 29 said that a strong performance by its Turkish subsidiary helped boost first-half profits to 344 million euros ($455 million), after deep losses a year ago. The company said its Turkish Finansbank unit recorded a 30% increase in first-half profits to 332 million euros.
The bank also said its overall provisions for bad loans fell from 1.2 billion euros a year ago to 853 million in January-June. In the first half of 2012, NBG recorded losses of 1.9 billion euros.