Stock Update (NYSEMKT:VHC): Here’s Why VirnetX Holding Corporation Shares Skyrocketed 35% Today


Investors in VirnetX Holding Corporation (NYSEMKT:VHC) should be smiling from ear to ear today following the news that Apple Inc. (NASDAQ:AAPL) has been ordered to pay over $300 million in damages to VirnetX over a patent dispute.

VirnetX Holding shares reacted to the news, jumping nearly 35% to $4.21.

On Friday, a jury in the United States Court for the Eastern District of Texas, Tyler Division, awarded VirnetX $302.4 million in a verdict against Apple for infringing four VirnetX patents, marking the third time a federal jury has found Apple liable for infringing VirnetX’s patented technology.

The verdict includes royalties awarded to VirnetX, for unresolved issues in the Apple I case, remanded back from the United States Court of Appeals for the Federal Circuit (“USCAFC”), related to (1) damages owed to VirnetX for infringement by Apple’s original VPN-on-Demand (VOD) and (2) the alleged infringement by Apple’s original FaceTime product, under the new claim construction of “secure communication link” pertaining to the ‘504 and ‘211 patents by the USCAFC, and the damages associated with that infringement.

“We are extremely pleased with the jury verdict announced today,” said Kendall Larsen, VirnetX CEO and President.  “This is the third time a jury has confirmed that Apple has been using the technology developed by our inventors.”

VirnetX has two currently-pending patent infringement lawsuits against Apple Inc., in United States Court for the Eastern District of Texas, Tyler Division. The Apple I case and Case No. 6:12-cv-00855 (“Apple II”) which covers issues of alleged infringement, damages and willfulness by Apple’s redesigned VOD in iOS 7 and 8, the redesigned FaceTime in iOS 7 and 8 and OS X 10.9 and 10.10 and iMessage. A jury trial in Apple II case is expected to be scheduled by the court shortly after the conclusion of the Apple I case. (Original Source)

VirnetX Holding Corp. is an internet security software and technology company. It develops software and technology solutions for securing real-time communications over the Internet. The company’s patented Gabriel Connection Technology combines industry standard encryption protocols with patented techniques for automated domain name system, lookup mechanisms, enabling users to create a secure communication link using secure domain names. It provides the security platform required by next-generation Internet-based applications such as instant messaging, voice over Internet protocol, mobile services, streaming video, file transfer and remote desktop.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts