Boston, MA 08/19/2014 (wallstreetpr) – Taking advantages of the drop in the share price after an unfavorable court ruling on Friday, software developer for mobile phone Vringo, Inc. (NASDAQ:VRNG) Chief Financial Officer and an independent Director have resorted to buying the company shares on Friday, as well as, Monday.
Insider Buys Shares
The company’s Independent Director, Noel Joseph Spiegel, had acquired 30K shares on Friday at an average cost of 89 cents a share for a total consideration of $26.7K, the company disclosed it in a filing with the Securities and Exchange Commission or the SEC. This purchase will take his total holding in the company to 50K shares, which would work out to $50K based on the price of $1 a share.
Similarly, Vringo, Inc. (NASDAQ:VRNG) Chief Financial Officer, Anastasia Nyrkovskaya, had also purchased 9K shares on Monday at the rate of 91 cents a share. He had paid an amount of $8.190, and this takes his total shares held in the company to 16K. This will work out to $16K based on $1 a share price.
Price Factor
On Friday, the stock had nosedived 72% to close at 88 cents a share from $3.15 closing price of Thursday. The shares of Vringo, Inc. (NASDAQ:VRNG) had dropped to 67 cents a share during the normal trading session of Friday, and it was a 52-week low price. The market reacted to unfavorable news of a court ruling resulting in 31.93 million of shares changing hands in a single trading session.
This meant that both the Independent Director and the CFO had paid 22 cents and 24 cents higher than the yearly low price of 67 cents. In terms of percentage, it would have worked out 32.8% – 35.8% more than the 52-week low price.
Similarly, in comparison with the 52-week high price of $5.45, both of them would have paid a discount of 83.7% and 83.3% respectively.
Stock Price
The stock price had rebounded strongly on Monday during the regular trading session after a panic selling on Friday.
