VirnetX Stock Up 50% Following Patent Win Against Apple
VirnetX Holding Corporation (NYSE: VHC) announced on Thursday that a jury in the U.S. Court for the Eastern District of Texas awarded the company $625.6 million in a verdict against Apple Inc. (NASDAQ: AAPL).
VirnetX Holding noted that the case was brought against Apple for infringing on four of its patents related to Apple's modified VPN On-demand, iMessage and FaceTime services.
The company added that its judgement marks the second time a federal jury found Apple liable for infringing on its patented technology.
"We are extremely pleased with the jury verdict," said Kendall Larsen, VirnetX CEO and President. "The jury agreed once again that Apple has been using the technology developed by our inventors."
Shares of VirnetX Holding opened for trading at $8.85 on Thursday and quickly hit a new 52-week high of $9.64 before reversing. After one hour of trading, the stock was higher by 52 percent at $7.31.
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