VirnetX Stock Tumbles on Hung Jury
Mar 14th 2013 2:52PM
Updated Mar 15th 2013 7:05AM
In a patent infringement case similar to the one it won against Apple Inc. (NASDAQ: AAPL), a jury has been unable to reach a verdict in lawsuit brought by patent licensing firm VirnetX Holding Corp. (NYSEMKT: VHC) against network titan Cisco Systems Inc. (NASDAQ: CSCO). The judge in the case, which is being tried in Tyler, Texas, has instructed the jury to return to its deliberations.
VirnetX won a $368 million judgment against Apple for infringing on patents VirnetX holds related to secure communications technology. Apple appealed and the appellate court upheld the ruling. The two companies were ordered by the judge to work out a licensing agreement for future royalties.
VirnetX's case against Cisco includes claims of infringement on two of the patents under dispute in the case against Apple. The patent company is seeking $258 million from Cisco fr.om the same judge who ruled in favor of VirnetX's appeal.
Shares of VirnetX are down 14.7% at $30.42 in a 52-week range of $21.25 to $41.93.
Filed under: 24/7 Wall St. Wire, Internet, Law Tagged: AAPL, CSCO, featured, VHC