VirnetX Stock Surges After Judge Denies Apple New Trial

(RTTNews) - VirnetX Holding Corp. (VHC) said Friday that the United States District Court for the Eastern District of Texas, Tyler Division, entered a Final Judgment and issued its Memorandum Opinion and Order regarding post-trial motions resulting from the prior $502.6 million jury verdict for VirnetX in the ongoing patent infringement action between VirnetX Inc. and Apple Inc (AAPL). The court denied Apple's Omnibus Motion for Judgment and for a New Trial.

VHC is currently trading at $3.35, up $0.40 or 13.56 percent.

In the Order, The Court affirmed the jury's verdict of $502.6 million and granted VirnetX's motions for supplemental damages, a sunset royalty and the royalty rate set at $1.20 per infringing iPhone, iPad and Mac products, pre-judgment and post-judgment interest and costs.

"We are extremely pleased with the Court's Final Judgment of $502 million affirming the jury's verdict of $1.20 per infringing device and granting us supplemental damages, a sunset royalty, interest and costs. This is the fourth time a jury has unanimously found in our favor against Apple and the patents in this suit have been found not invalid by the Federal Court of Appeals," said Kendall Larsen, VirnetX CEO and President.