Courtesy of Benzinga.
VirnetX Holding Corporation (NYSE: VHC) cratered Tuesday after a federal appeals court vacated the company's recent victory in a patent suit.
A jury in Texas earlier this year awarded patent licensing company VirnetX and Science Applications International Corp (NYSE: SAIC) damages of $368.2 million in a patent infringement suit against Apple Inc. (NASDAQ: AAPL) and Cisco Systems, Inc. (NASDAQ: CSCO).
But the appeals court Tuesday sent the case back to lower courts after vacating two key findings of the jury, while agreeing with others.
VirnetX alleged that Apple's video calling system called Facetime violates VirnetX secure communications patents. Following an intial VirnetX's victory, Apple altered FaceTime but VirnetX said infringement continued, according to Apple Insider.
VirnetX was last down 48.3 percent to $7.72 per share. Science Applications was little changed.
