VHC - VirnetX tumbles after patent loss in dispute with Apple
2023-03-30 13:04:39 ET
- VirnetX ( NYSE: VHC ) fell 8.2% after an appeals court ruled against the company in a patent dispute with Apple ( AAPL ).
- A federal appeals court upheld a ruling in favor of Apple ( AAPL ) after a jury originally ruled in favor of VirnetX ( VHC ) in a $503 million patent verdict.
- "VirnetX’s challenge to Black Swamp’s joinder is forfeited," the court said in its ruling on Thursday. "We have considered VirnetX’s additional arguments and find them unpersuasive. Accordingly, we affirm."
- A jury in November 2020 said Apple ( AAPL ) must pay VirnetX ( VHC ) $502.8M for patent infringement in a dispute that has lasted more than a decade. In March 2021 VirnetX lost an appeals court ruling in the Apple patent case.
- Separately, VirnetX on Thursday declared a declared $1.00/share special dividend payable April 17 for shareholders of record April 10.
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VirnetX tumbles after patent loss in dispute with Apple