VirnetX Shares Up 10% After Supreme Court Rejects Apple's Appeal

Date : 02/24/2020 @ 5:50PM
Source : Dow Jones News
Stock : Apple Inc (AAPL)
Quote : 241.41  0.0 (0.00%) @ 5:00AM
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Last $ 241.43 ▲ 0.02 (0.01%)

VirnetX Shares Up 10% After Supreme Court Rejects Apple's Appeal

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By Chris Wack

 

VirnetX Holding Corp. shares rose 11% to $4.50 after the U.S. Supreme Court denied Apple's petition for a writ of certiorari seeking review of the judgment of the U.S. Court of Appeals for the Federal Circuit in case 2018-1197.

The underlying judgment in the case awarded VirnetX $439.8 million in damages, fees, and interest.

"We are extremely pleased with the Supreme Court's decision not to hear Apple's writ of certiorari," said Kendall Larsen, VirnetX chief executive and president.

On Oct. 16, 2017, Apple signed an agreement with VirnetX stipulating Apple would pay any payments then due under the judgment within 20 days of completion of any appeal from the judgment in this matter, as well as any proceedings seeking relief from the judgment before the Supreme Court.

The companies have been involved in legal proceedings for 10 years.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

February 24, 2020 12:35 ET (17:35 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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