Shares of Vringo Inc., which buys and licenses patents, jumped to a 52-week high Wednesday after it said a U.S. court ruled it is entitled to "ongoing royalties" from companies that include AOL Inc. and Google Inc.
The patents describe basic search engine functions. The patents are owned by Vringo's subsidiary I/P Engine Inc. The court put off ruling on the royalty rate until after a meeting before a judge scheduled for Wednesday afternoon.
"Today's decision further highlights the mischief trolls can make with the patent system," a representative from Google said. "We believe strongly in our pending appeal before the Federal Circuit, and we anticipate seeking review of today's decision as well."
AOL did not immediately respond to a request for comment.
Shares of Vringo, which is based in New York, rose 68 cents, or 22 percent, to close at $3.81 Wednesday. Earlier, they hit a 52-week high of $4.14.