Apple won't get a rehearing in its ongoing patent battle with VirnetX to argue that the patents it is accused of infringing are invalid. VirnetX, which doesn't produce any products, previously won more than $503 million in damages, but courts subsequently threw out the award.
Bloomberg reports the U.S. Court of Appeals for the Federal Circuit on Monday rejected the Cupertino company's request to reconsider a November ruling that confirmed it infringed on two VirnetX patents. Apple appealed that decision several times as well, but an appeals court in January 2019 ruled in favor of VirnetX, leaving Apple responsible for a patent infringement fee of $ 440 million.More news: Jeremy Roenick won't return to NBC Sports after suspension
VirnetX rose 10% to $4.66 at 2:38 p.m.in NY trading, after jumping as much as 18% earlier Monday.
The patent battle has seen VirnetX seeking to disable Apple's Facetime and iMessage services, after a jury verdict that found the Apple software contained patented technology.More news: Kate Middleton Gets Wrapped Up By Snake & Is Completely Unbothered By It!
Apple had urged all of the judges sitting on the court to reconsider that part of the three-judge panel's decision. Apple contends that it shouldn't be forced to pay royalties on patents that shouldn't have been issued. Over the past three months, VirnetX's stock has dropped 19%, while Apple shares have run up 23% and the Dow Jones Industrial Average has gained 5.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
Last November, A USA appeals court wiped out a $503 million award that Apple was ordered to pay to VirnetX, a publicly-traded software security company.More news: Chelsea fans react as Sancho looks set to leave Dortmund