NEW YORK, NY / ACCESSWIRE / October 20, 2017 / VirnetX scores a victory with a federal judge ruling that Apple must pay it $440 million after a years-long patent battle. The company also released a preliminary outlook for its third quarter results. Finisar Corporation saw gains of just over 5% despite any news to explain the move.
RDI Initiates Coverage on:
VirnetX Holding Corp.
Finisar Corporation's shares closed up 5.55% on roughly 13.5 million shares traded yesterday. There was no catalyst such as significant news to explain the move, but earlier in the week the company did introduce Flextune, a new hardware configurable feature for wavelength-tunable optical transceivers. According to the company's press release, the "Flextune feature significantly simplifies deployment of Dense Wavelength Division Multiplexing (DWDM) transceivers in Remote PHY access networks constructed by Multiple System Operators (MSOs)." The company is displaying the new feature as well as UltraSpan® Optical Amplifiers for Remote PHY access networks and 200 Gb/s coherent optical transceivers for business services during the SCTE Cable-Tec Expo this week. Director of Product Management at Finisar, Shawn M. Esser, commented, "Wavelength-tunable optical transceivers with the Flextune enhancement significantly reduce operational expenditure for MSOs when deploying Remote PHY networks." Finisar is a manufacturer of optical communication components and subsystems.
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VirnetX Holding Corp.'s shares closed up 14.71% on Thursday with more gains of 2.59% in extended after-hours trading. Trading volume was roughly four times higher than usual yesterday for the stock after the company released preliminary third-quarter results. The company has forecast revenue for the quarter between $1 and $1.2 million and a net loss of $11 million to $12 million. On a per share basis, this will be a loss of $0.18 and $0.20. It was just days ago that VirnetX won a patent case against Apple winning $440 million in its years-long patent battle against the tech giant. A federal judge ruled that Apple's on-demand VPN and FaceTime features infringe on VirnetX's patents. The judge ordered Apple, which is planning to appeal the ruling, to pay $1.80 royalty rate per device and an additional $96 million for interest, costs and attorney fees. Traders are encouraged by the ruling as the company's future results rely on Apple paying the company.
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