VirnetX shares surge as jury says Apple infringed patents

Apple forced to pay troll

Apple forced to pay troll

The legal fight started back in 2010 when VirnetX filed a lawsuit against Apple where it accused the iPhone maker for infringing on its intellectual properties.

A federal court in the state of Texas has reportedly asked Apple Inc.to pay almost Dollars 502.6 million to patent troll VirnetX, for the infringement of its four patents associated with secure internet communications. Bloomberg reports that a grand jury found Apple guilty of infringing on patents related to secure communications.

It's a huge win for VirnetX, which exists mainly to attempt to hoard patents it has no intention of ever using, and then find companies to which it can license those technologies. In 2014, an earlier ruling in VirnetX's favor was thrown out by a higher court, prompting a retrial.

VirnetX is a patent-assertion entity, meaning its entire business model rests exclusively on suing companies that actually develop and sell products based on arcane patent infringement laws and loose interpretations of intellectual property regulations. Apple has been targeted by this twice over the last several years.

VirnetX's stock rose as much as 44 percent on the news in after hours trading.

House Speaker Paul Ryan Will Not Run for Re-Election in November
House Speaker Paul Ryan says he will not seek re-election , according to reports from CNN and Axios citing unnamed sources. Two people with knowledge of Ryan's thinking said he has decided against seeking another term, but they did not say why.

Apple will now have to pay $502.6 million in damages.

The case is now being reviewed by the Court of Appeals for the Federal Circuit in Washington, which will determine whether or not VirnetX's patents are actually invalid.

Kendall Larsen, CEO of VirnetX, said the damages, which were based on sales of more than 400 million Apple devices, were "fair".

The Patent Trial and Appeal Board has ruled the patents invalid, which VirnetX is appealing.

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