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Apple Ordered To Pay VirnetX $368 Mln For Patent Infringement

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Shares of VirnetX Holding Corp. (VHC: Quote) surged 20 percent after the internet security software maker revealed that a jury in Texas court yesterday ordered Apple Inc. (AAPL: Quote) to pay $368 million for infringing four of its patents.

VirnetX had alleged that Apple had infringed four of its patents in its FaceTime video communications services. The company had initially sought more than $700 million. FaceTime is a video calling software application found in Apple's iPhone, iPod and iPad, as well as on Macintosh computers.

VirnetX Chief Executive Kendall Larsen said, "We are extremely pleased with the outcome of our suit with Apple. This victory further establishes the importance of our patent portfolio."

The patents determined to have been infringed in this case were U.S. Patent Nos. 6,502,135, 7,418,504, 7,921,211 and 7,490,151.

VHC is currently trading at $31.36, up $5.07 or 19.28%, on a volume of 3.3 million shares.

AAPL is currently trading at $562.14, down $18.06 or 3.11%, on a volume of 14.3 million shares on the Nasdaq.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Stocks moved notably higher over the course of the trading day on Monday, extending the strong upward move seen last Friday. The gains on the day continued the recent recovery by the markets, with the Nasdaq and the S&P 500 closing higher for the third consecutive session. While Republicans have largely tried to frame the upcoming midterm elections as a referendum on President Barack Obama, Sen. Ted Cruz, R-Tex., has joined the few offering guidance on what the GOP will do if it manages to retake control of the Senate.
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