logo
  Join        Login             Stock Quote

VirnetX (VHC): $368M Patent Infringement Verdict Against Apple (AAPL) Upheld

 February 27, 2013 09:47 AM
 


(By Balachander) VirnetX Holding Corp. (NYSEAMEX: VHC) said a U.S. district court upheld a $368 million jury verdict against Apple Inc. (NASDAQ: AAPL).

Shares of the provider of Internet security software rose 5.01 percent to $35.66 in early Wednesday trading. The stock has been trading between $19.13 and $41.93 for the past 52 weeks.

A district judge in November 2012 awarded VirnetX over $368 million in a verdict against Apple for infringing four VirnetX patents related to virtual-private-network (VPN) technology used in Apple's FaceTime video-calling function.

[Related -Fusion-IO, Inc. (FIO): Can Fusion-IO Q2 Results Cheer Street?]

VirnetX's software and technology services are designed to facilitate secure communications for real-time communication applications such as instant messaging, VoIP, smart phones, eReaders and video conferencing.

VirnetX's patent portfolio includes 20 U.S. and 26 international patents and over 100 pending applications.

The court on Tuesday denied Apple's motion to reduce the damages awarded by the jury for past infringement and also denied Apple's request for a new trial on the liability and damages portions of the verdict, VirnetX said. 

In addition, the court ordered the companies to negotiate an ongoing royalty agreement within 45 days for future use of the technologies in dispute.

[Related -Google Inc (GOOG): Why Nest Labs Deal Is A Wakeup Call For Apple Inc.?]

"We look forward to negotiating a license with Apple that includes an ongoing royalty agreement," said VirnetX CEO Kendall Larsen.

Following the court order, VirnetX said it plans to withdraw its complaint filed with the United States International Trade Commission (ITC) against Apple Inc. and pursue comprehensive relief from Apple's infringement through the district court system.

Apple shares shed 0.63 percent to trade at $446.13 on Wednesday.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageChipotle Mexican Grill, Inc. (CMG) Q2 Earnings Preview: Will Higher Traffic Offset Higher Costs the Key

Chipotle Mexican Grill, Inc. (NYSE:CMG) will host a conference call to discuss second quarter 2014 read on...

article imageNetflix, Inc. (NFLX) Q2 Earnings Preview: The Ruby Month for a Reason

Netflix, Inc. (NASDAQ:NFLX) will post its second-quarter 2014 financial results and business outlook on its read on...

article imageLadenburg Thalmann Financial Services (NYSEMKT:LTS): Heavy, Durable Insider Buying

Ahh, but any worries over price levels didn’t stop multiple insiders at Ladenburg Thalmann Financial read on...

article imageInternational Business Machines Corp. (IBM) Q2 Earnings Preview: Small Beat and Pop

International Business Machines Corp. (NYSE:IBM) will host a conference call Wednesday, Jul. 16, 2014 at read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.