VirnetX Whipsaws Amid Renewed Hope in Patent Fight Against Apple
- Parts of one patent are revived on appeals; second is invalid
- Ruling is part of long-running secure communication fight
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VirnetX Holding Corp. whipsawed as renewed hope for a big payout from Apple Inc. Thursday collided with the reality that a decade-long patent fight with the tech giant is no closer to a conclusion.
VirnetX shares initially jumped after a U.S. appeals court revived aspects of a patent for secure communications and rejected the iPhone maker’s efforts to toss a related infringement verdict. VirnetX, which typically reports less than $2 million in revenue a year, rose as much as 16% in New York trading and then fell as much as 17% from Wednesday’s close. Shares were down 16% at 11:43 p.m.