VirnetX Awarded $502.8 Million in Apple Suit
VirnetX Holding Corporation (NYSE: VHC) announced a significant $502,848,847 jury verdict in its favor against Apple for infringing on two network security patents. The ruling, issued on October 30, 2020, pertains to 598,629,580 infringing devices sold since the launch of iOS 7 in 2013, with damages set at $0.84 per device. This follows a prior judgment of $454,033,859 received from a different case against Apple. CEO Kendall Larsen expressed satisfaction with the verdict, emphasizing the validation of their technology.
- Jury awarded $502.8 million in damages for patent infringement against Apple.
- Total awarded damages from Apple cases now exceed $957 million.
- Strengthens VirnetX's position in securing its patent portfolio.
- None.
ZEPHYR COVE, Nev., Nov. 2, 2020 /PRNewswire/ -- VirnetX™ Holding Corporation (NYSE: VHC), an Internet security software and technology company, announced today that on October 30, 2020, a federal jury in the U.S. District Court for the Eastern District of Texas issued a
"We are very pleased with the jury's verdict," said Kendall Larsen, VirnetX CEO and President. "Once again the value of our technology has been upheld in a court of law. We are grateful to the jury for their attention, diligence and commitment during these challenging times.
About VirnetX
VirnetX Holding Corporation is an Internet security software and technology company with patented technology for secure communications including 4G LTE and 5G security. The Company's software and technology solutions, including its secure domain name registry and Gabriel Connection Technology™, are designed to facilitate secure communications and to create a secure environment for real-time communication applications such as instant messaging, VoIP, smart phones, e-Readers and video conferencing. The Company's patent portfolio includes over 190 U.S. and foreign granted patents/validations and pending applications. For more information, please visit http://www.virnetx.com/.
Forward-Looking Statement
Statements in this press release that are not statements of historical or current fact, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on expectations, estimates and projections, and certain assumptions made by management and involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements, including but not limited to, including but not limited to (1) the outcome of any legal proceedings that have been or may be initiated by the Company or that may be initiated against the Company, including pending and future inter partes review proceedings in the Patent and Trademark Office and appeals therefrom; (2) the ability to capitalize on patent portfolio and generate licensing fees and revenues; (3) the ability of the Company to be successful in entering into licensing relationships with its targeted customers on commercially acceptable terms, including through its relationship with PEDLOX; (4) potential challenges to the validity of the Company's patents underlying its licensing opportunities; (5) the ability of the Company to achieve widespread customer adoption of the Company's Gabriel Communication Technology™ and its secure domain name registry; (6) the level of adoption of the 3GPP Series 33 security specifications; (7) whether or not the Company's patents or patent applications may be determined to be or become essential to any standards or specifications in the 3GPP LTE, SAE project or otherwise; (8) the extent to which specifications relating to any of the Company's patents or patent applications may be adopted as a final standard, if at all; and (9) the possibility that Company may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including those under the heading "Risk Factors" in the Company's Annual Report on Form 10-Q filed on August 10, 2020 and subsequent filings with the Securities and Exchange Commission, as applicable. Many of the factors that will determine the outcome of the subject matter of this press release are beyond the Company's ability to control or predict. Except as required by law, the Company is under no duty to update any of the forward-looking statements after the date of this press release to conform to actual results.
Contact:
Investor Relations
VirnetX Holding Corporation
415.505.0456
ir@virnetx.com
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SOURCE VirnetX Holding Corporation
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