As Apple Pays $368m Over Patent Lawsuit, VirnetX Shares Spike
After Apple was ordered yesterday to pay $368.2 million in damages for infringing VirnetX Holding Corp.’s patents, the company’s shares have registered a spike as of this morning.
VirnetX is an Internet security software and technology company with a patent portfolio that includes 4G LTE security. According to the Tyler, Texas federal jury’s ruling, Apple is infringing four VirnetX patents: U.S. Patent Nos. 6,502,135, 7,418,504, 7,921,211 and 7,490,151, with the allegations involving Apple’s popular FaceTime video call service as well.
“We are extremely pleased with the outcome of our suit with Apple,” CEO Kendall Larsen said in a statement. “This victory further establishes the importance of our patent portfolio.”
VirnetX was originally asking for $708 million. However, the company has another case against Apple pending with the ITC.