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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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After ending the previous session nearly flat, stocks moved mostly lower over the course of the trading day on Friday. Uncertainty about the outlook for monetary policy weighed on the markets ahead of next week's Federal Reserve meeting. Despite the ceasefire in eastern Ukraine, the U.S. Treasury Department on Friday announced a new round of sanctions against Russia for its role in the conflict. Treasury Secretary Jacob Lew determined that persons operating within Russia's defense and related materiel sector may now be subject to targeted sanctions. Business inventories in the U.S increased in line with economist estimates in the month of July, according to a report released by the Commerce Department on Friday. The Commerce Department said business inventories rose by 0.4 percent in July, matching the increase reported for June as well as the consensus estimate.
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