The U.S. Court of Appeals for the Federal Circuit rejected Apple's bid to appeal a patent infringement case with VirnetX on Monday (via Reuters). The full court on Monday refused to reconsider the November ruling.
Then in April 2018, a federal court in Texas ordered Apple to pay $502.6 million to VirnetX for violating four patents relating to internet-based communications, which mostly means the underlying technology behind Apple products like FaceTime and iMessage. Over the past three months, VirnetX's stock has dropped 19%, while Apple shares have run up 23% and the Dow Jones Industrial Average has gained 5.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. An appeals court whittled the infringing patents to just two.
VirnetX rose 10% to $4.66 at 2:38 p.m.in NY trading, after jumping as much as 18% earlier Monday.
The patent dispute between VirnetX and Apple dates back to 2010 when VirnetX accused Apple's FaceTime function of infringing its intellectual property, and there are multiple lawsuits involved.
The Texas judge in the case must reportedly decide whether to hold a new damages-only trial or to recalculate damages without holding one.
Apple contested the court's findings, and sought a mistrial and a termination to any royalty obligations. Apple is asking the Supreme Court to consider the case, particularly how damages are calculated. Apple contends that it shouldn't be forced to pay royalties on patents that shouldn't have been issued. VirnetX has said that there is no final decision to cancel those patents, so Apple's argument is premature and part of an ongoing effort to avoid paying for the use of another company's inventions.
"We are extremely pleased with the Federal Court's decision to deny Apple's requests for an en banc and panel rehearing", said VirnetX Chief Executive Kendall Larsen.
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