VirnetX Damage Award Against Apple Vacated; Shares Plunge

VirnetX Holding Corp.’s $503 million patent-infringement award against Apple Inc. was tossed Friday by an appeals court that said it must be recalculated or a new trial held. VirnetX shares tumbled.

The U.S. Court of Appeals for the Federal Circuit affirmed that two patents were infringed, but reversed a finding related to two others. The court said Apple is barred from arguing that the VirnetX patents are invalid, because it’s already lost that argument in other cases. The dispute was remanded for further proceedings.

VirnetX plunged 42% to $3.38 at 10:58 a.m.

The decision is the latest in a ...