VirnetX Scores on Patent Troll Case Against Apple
VirnetX Holding Corp (NYSEMKT: VHC) is showing just how great it can be to be a patent troll. Shares are surging on news that it has won a verdict against Apple Inc. (NASDAQ: AAPL) over patent disputes pertaining to Apple's Face Time. VirnetX already has a patent license deal with Microsoft Corp. (NASDAQ: MSFT), and other licensees are Aastra, NEC and Mitel.
Today is simply Apple's turn to be in the barrel. With Apple's $100+ billion in cash, this is not even a mosquito bite. But for a small company like VirnetX with a market value of under $1.7 billion, a $368 million verdict will go quite a long way. The surge is being enhanced by the notion that Apple infringed four VirnetX patents.
The court will hear the post-trial motions in the upcoming weeks, which means this is not exactly the end of it.
VirnetX shares are up over 24% at $32.65 after the open, but the intellectual property company's 52-week trading range is $18.20 to $41.93.
JON C. OGG
Filed under: 24/7 Wall St. Wire, Consumer Electronics, Consumer Product, Corporate Governance, Law, Technology Companies Tagged: AAPL, MSFT, VHC