logo
Share SHARE
FONT-SIZE Plus   Neg

Apple Ordered To Pay VirnetX $368 Mln For Patent Infringement

Shares of VirnetX Holding Corp. (VHC) surged 20 percent after the internet security software maker revealed that a jury in Texas court yesterday ordered Apple Inc. (AAPL) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Ringling Bros. and Barnum & Bailey Circus, called as the Greatest Show on Earth, is coming to and end after 146 years of live entertainment. The decision reflects higher operating costs, and bigger than expected decline in ticket sales, mainly after the transition of the elephants off the circus. An investigation by Samsung Electronics Co Ltd. has found out that battery caused the fire issues with the abandoned Galaxy Note 7 smartphones, Reuters reported Monday, citing people familiar with the matter. The South Korean conglomerate has concluded the investigation into the explosions that resulted in the massive recall of Galaxy Note 7. Airbus Group SE plans to test a prototype for a self-piloted flying car by the end of 2017, Reuters reported, citing the aerospace group's chief executive officer Tom Enders. In order to alleviate urban congestion and to address the rising concern of rush-hour traffic, Airbus is looking skywards to develop three ambitious projects.
comments powered by Disqus
Follow RTT