VirnetX Submits Agreed Bill of Costs and Prejudgement Interest of $75.7 Million in Apple Suit
VirnetX Holding Corporation (NYSE: VHC) announced the submission of an Agreed Bill of Costs and Prejudgment Interest totaling $75,701,763.18 related to a $502,848,847 jury verdict against Apple. This brings the final judgment for Apple’s infringing devices to $578,550,610. Apple does not dispute the figures and agreements; however, they retain the right to appeal. Previously, VirnetX received $454,033,859 from a separate case against Apple. The case pertains to secure communication technologies, including issues related to 4G LTE and 5G security.
- Submission of an Agreed Bill of Costs increases total judgment to $578,550,610, which could enhance revenue outlook.
- Apple's non-dispute of the figures may indicate a higher likelihood of receiving the awarded amounts.
- Apple retains the right to appeal the judgment, which could delay potential revenue realization.
- Uncertainty remains regarding the outcome of future legal proceedings and the ability to enforce the judgment.
ZEPHYR COVE, Nev., Jan. 21, 2021 /PRNewswire/ -- VirnetX™ Holding Corporation (NYSE: VHC), an Internet security software and technology company, announced today that jt has submitted an Agreed Bill of Costs and Prejudgement Interest in the amount of
The parties have met and conferred and have reached agreements on these amounts. Apple has had the opportunity to review this filing and does not dispute the figures listed or that the calculations are agreed, subject to Apple's right to appeal the District Court's award of costs and prejudgment interest.
On March 13, 2020, VirnetX was paid a
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 Statements
Statements in this press release that are not statements of historical or current fact, including the statement regarding the Company's final judgment in VirnetX Inc., et al. v. Apple Inc., No. 6:12-CV-00855, 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 potential appeals of the final judgment and 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 in Japan; (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 Quarterly Report on Form 10-Q filed on November 6, 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
FAQ
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