VirnetX announced that it has settled a patent infringement suit with Microsoft for $23 million sending its shares up 20%.
VirnetX (NYSE: VHC), whose stock had been pummeled in 2014 as the result of adverse court decisions, is currently down 70% YTD.
VirnetX Holding Corp. and Microsoft Corp. (NASDAQ: MSFT) have reached an agreement to settle a lawsuit over alleged patent violations related to Skype, which Microsoft acquired in 2011 for $8.5 billion.
As reported in the Wall Street Journal: “VirnetX, a communications-technology company that in 2010 won a $200 million settlement from Microsoft over patent violations, sued the software company in April 2013 charging Skype had broken the terms of their licensing agreement regarding six patents. Microsoft bought Skype, a phone-and-video-calling Internet company, in 2011.”
VirnetX had initially won in 2013 a $368 million verdict against Apple, which was later overturned.
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Also just announced, Vringo (NASDAQ: VRNG) in an 8-K filing with the SEC said that it had received a notice of delisting because it no longer met the exchange requirements. The filing also said that its Chief Operating Officer had resigned. The company has 180 calendar days, or until June 16, 2015, to regain compliance.
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Hipcricket (Other OTC: HIPP) and Paid, Inc. (Other OTC: PAYD) are being removed from the IP CloseUp 30. They are trading at $.03 and $.05 per share respectively.
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