Insider Trading: Iroquois Capital Management Keeps Selling $VRNG

Iroquois Capital Management made further insider sales in Vringo Inc. (VRNG) on December 19 and 20. According to a regulatory filing, Iroquois Capital Management sold 7,400 shares in VRNG at about $1.11, remaining 893,803 shares in its position. This is after the firm sold totally 1,800 shares in VRNG at $1.08 per shares on December 15 and 16. Iroquois Capital Management’s third quarter position is unclear. The firm initially reported its VRNG position on July 5th, when it took 922 thousand shares in the stock. So it seems that Iroquois wants to sell the stock piece by piece. Now the stock is trading at $1.16, losing 58% so far in 2011.

Glenn Russell Dubin’s Highbridge Capital Management also invested in VRNG. The firm made no change to its position after the second quarter and had 77 thousand shares at the end of September.

Per Bloomberg Businessweek, Iroquois Capital, LP is “a private equity and venture capital firm specializing in seed or start-up, early, mid, and late venture; turnarounds; growth capital; and PIPE investments. It seeks to invest in all industries. The firm also manages hedge funds for its clients. Iroquois Capital, LP was founded in 2003 and is based in New York, New York.”

Per Google Finance, Vringo, Inc. “is a development-stage company. The Company is engaged in developing software for mobile phones. It provides a platform, which allows users to create, download and share mobile entertainment content in the form of video ringtones for mobile phones. Vringo’s product consists of four components, such as The Vringo Mobile Application, The Vringo WAP Site, The Vringo Website and The Vringo Studio. Vringo (Israel) Ltd. is its wholly owned subsidiary.”