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VirnetX shares halve in huge volume after Apple court setback

VirnetX Holding Corporation shares nearly halved on Monday to their lowest levels since early January and the biggest faller on the Russell 2000 index after a setback in its legal wrangle with Apple over alleged patent infringement
VirnetX shares halve in huge volume after Apple court setback
Setback for VirnetX in legal battle with Apple

VirnetX Holding Corporation (NYSEMKT:VHC) shares nearly halved on Monday to their lowest levels since early January and the biggest faller on the Russell 2000 index after a setback in its legal wrangle with Apple Inc (NASDAQ:APPL) over alleged patent infringement.

The disappointing court ruling regarding its patent infringement claims against Apple sent VirnetX shares down 43% to $2.47 and volume topped 2.76mln shares versus a daily average of 505,000. That’s about five times the daily volumes.

The internet security software company said the US District Court for the Eastern District of Texas issued a new order in the case against Apple, vacating the previous order to consolidate the two cases, and to retry them as separate cases.

In February, VirnetX's stock soared after a federal Jury in Texas ordered Apple to pay $625mln for infringing VirnetX's patents.

Apple shares were up 1.7% at $105.98 on Monday.

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