ZEPHYR COVE, Nev., Jan. 15, 2021 /PRNewswire/ -- VirnetX™ Holding
Corporation (NYSE: VHC)(the "Company"), an Internet security
software and technology company, announced today that the United States District Court for the
Eastern District of Texas, Tyler
Division (the "District Court"), entered a Final Judgment and
issued its Memorandum Opinion and Order ("Order") regarding
post-trial motions resulting from the prior $502.8 million jury verdict ("Verdict") for
VirnetX in the ongoing patent infringement action between VirnetX
Inc. ("VirnetX") and Apple Inc. ("Apple").
In the Order, the District Court affirmed the jury's verdict of
$502.8 million and granted VirnetX's
motions for pre-trial and post-trial interest, supplemental
damages, costs, and ongoing royalty of a rate set at $0.84 per infringing iPhone, iPad and Mac
products.
"We are extremely pleased with this $502.8 million final judgment and the added
monies for interest, supplemental damages, costs and ongoing
royalties," said Kendall Larsen,
VirnetX CEO and President. "We have fought long and hard to hold
Apple responsible for using our technology in the US."
On October 30, 2020, the jury in
the District Court issued the $502.8
million jury verdict in favor of VirnetX based on Apple's
infringement of two network security patents; VirnetX US Patents
No. 6,502,135 and No. 7,490,151. The case is VirnetX Inc., et
al. v. Apple Inc., No. 6:12-CV-00855. The jury verdict called
for damages of $0.84 per accused
device since the 2013 launch of Apple's iOS 7 operating system and
represents 598,629,580 infringing units from US sales only. On
March 13, 2020, VirnetX was paid a
$454,033,859 judgment in a separate
case against Apple.
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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