Internet security software and technology company VirnetX Holding Corporation (NYSEMKT:VHC) received Friday a favorable jury decision in its legal feud with Apple Inc. (NASDAQ:AAPL).
Jurors in the David-vs-Goliath-like legal spat held that Apple Corporation infringed four VirnetX patents and accordingly awarded the latter $302.4 million on account of royalties and damages. The infringements relate to Apple’s original VPN-on-Demand (VOD) and its original FaceTime product.
Not surprisingly, shares in VirnetX Holding Corporation (NYSEMKT:VHC) received a solid ovation from investors, jumping 33.99% to close the day at $4.10, after trading 9.32 million shares.
VirnetX Holding Corporation (NYSEMKT:VHC) delivers a one-two-three punch to Apple
“This verdict is the third time in a row that a jury has told Apple that it must pay for infringing VirnetX’s patents,” said Jason Cassady, name principal of law firm Caldwell Cassady & Curry, which represented VirnetX. “It is clear that Apple used our client’s intellectual property without permission in order to sell hundreds of millions of devices, which is why the jury ruled the way it did.”
The verdict was delivered in what is known as the Apple I patent infringement case being pursued by VirnetX. Another case, known as Apple II, may now be scheduled for hearing.
VirnetX Holding Corporation (NYSEMKT:VHC) chart showing “abandoned baby”pattern
Interestingly, a reference to the weekly chart of VirnetX shows that the stock has formed an “abandoned baby” pattern with bullish implications.
The pattern was formed after the stock gapped down in early August and then gapped up yesterday.
The trading sessions during August and September may be described as the “abandoned baby” – with gaps on either side in the chart.
However, it may be noted that yesterday, the stock could not maintain higher levels, as investors likely booked profits given the uncertain final outcome of the long-drawn legal battle between VirnetX and Apple.