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Apple Ordered To Pay VirnetX $368 Mln For Patent Infringement

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11/7/2012 12:13 PM ET

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 reporting a bigger than expected increase in new orders for U.S. manufactured durable goods in the previous month, the Commerce Department released a report on Thursday that once again showed stronger than expected durable goods orders growth in the month of March. The report said durable goods orders surged up by 2.6 percent in March after jumping by a revised 2.1 percent in February. First-time claims for U.S. unemployment benefits rose by more than expected in the week ended April 19th, according to a report released by the Labor Department on Thursday, with initial jobless claims climbing further off their recent lows. The report said initial jobless claims rose to 329,000, an increase of 24,000 from the previous week's revised figure of 305,000. After giving back some ground in the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 40 points.
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