AAPL - Why VirnetX Stock Jumped Today
Shares of VirnetX (NYSEMKT: VHC) jumped as much as 23% today after a court rejected Apple 's (NASDAQ: AAPL) efforts to overturn a previous ruling in a case that it lost. VirnetX scored a $502.8 million victory against the Mac maker last fall over allegations that Apple infringed on VirnetX's patents related to virtual private networks (VPNs). As of 12:20 p.m. EST, the stock had given up some of those gains and was up 9%.
The court also granted motions for supplemental damages and ongoing royalties and interest. Last week, the federal judge also denied Apple's motion for a new trial. The two companies have been sparring in court for about a decade, as VirnetX has long argued that Apple's FaceTime and iMessage communications services infringe on its intellectual property (IP).
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Why VirnetX Stock Jumped Today