Millennial Media recently closed their IPO offering of 10,200,000 shares of common stock at a public offering price of $13.00 per share, but there’s already trouble for the mobile ad network, as it faces a lawsuit regarding targeted advertising.

They began trading under the ticker MM at the New York Stock Exchange last March 29.
And just a few days after closing their IPO pricing, they’re slapped with a patent lawsuit from mobile marketing service, Augme Technologies.

“The ’721, the ’636, and the ’691 Patents are generally directed to the manner in which content provided in a Web page, such as advertisements, music, videos, and the like, is customized based on the end user’s computing environment, connectivity, bandwidth level, geographic location, gender, age, or other targeting criteria such as behavioral marketing data,” said the Augme lawsuit.

The basis of the lawsuit is Augme’s mobile advertising platform, Ad Life, which allows marketers, brands, and agencies to plan, create, test, deploy, and track mobile marketing programs which are targeted at specific groups without being device-biased.

Augme Technologies is seeking damages in the form of royalties and interests for the infringed patents.  No amount has been specified yet.

Millennial Media hasn’t commented on the issue.