Apple (AAPL) Will Challenge $368M VirnetX (VHC) Patent Infringement Award
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Apple (Nasdaq: AAPL) is expected to challenge its adverse verdict in litigation with VirnetX Holding (AMEX: VHC), sources said today. In the ruling, Apple is expected to pay $368 million in damages.
ComputerWorldUK.com noted that Apple had not recorded the damages on its balance sheet, according to a 10-Q filed this week. From the 10-Q:
On August 11, 2010, VirnetX, Inc. filed an action against the Company alleging that certain of its products infringed on four patents relating to network communications technology. On November 6, 2012, a jury returned a verdict against the Company, and awarded damages of $368 million. The Company is challenging the verdict, believes it has valid defenses and has not recorded a loss accrual at this time.
Apple had a move to reduce the award blocked last February.
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