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
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