VirnetX Stock Gets a Jolt From Federal Circuit Arguments
The IP holding company's stock popped 65 percent Tuesday as Paul Hastings and MoloLamken sought to preserve a $440 million patent infringement judgment against Apple.
January 09, 2019 at 10:44 PM
6 minute read
It may be months before the U.S. Court of Appeals for the Federal Circuit resolves a $440 million patent dispute between Apple Inc. and VirnetX Inc. Yet the stock market declared VirnetX the winner of Tuesday's oral arguments.
Publicly-traded VirnetX Holding Corp.'s stock price spiked 65 percent on Tuesday, with most of the increase occurring during the 2 hours and 15 minutes of hearings. (The stock gave back about half of those gains on Wednesday.)
Apple is appealing a $302 million jury verdict from the Eastern District of Texas that grew to $440 million with enhanced damages, costs, attorneys fees and interest. VirnetX is defending the judgment while challenging a series of PTO actions brought by Apple and other entities that invalidated claims from the four patents at issue, which relate to secure online communications.
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