Shares of internet security software company VirnetX (NYSEMKT:VHC) jumped on Monday, even as the market fell sharply. Shares rose as much as 18.3%. As of 12:50 p.m. EST, however, the stock was up 11.5%.
The stock's gain follows a decision by the U.S. Supreme Court to deny Apple's (NASDAQ:AAPL) petition for a writ of certiorari to review the judgment of a previous ruling in a case between VirnetX and Apple.
It's not surprising shares are up on the news that the Supreme Court decided not to hear Apple's writ of certiorari. As VirnetX noted in a press release about the decision, "The underlying judgment in the case awarded VirnetX a total of $439.8 million in damages, fees, and interest."
"We have always believed that we were in the right with our court actions against Apple. Four juries and countless judges agree," VirnetX CEO Kendall Larsen said in a statement on Monday. "We believe that our technology provides an important security feature in some Apple products especially the iPhone."
Going forward, VirnetX said it expects Apple will "honor the decisions rendered by our courts and their esteemed judges and honor an agreement to abide by the court's decision."
While the case is material for VirnetX, with its sub-$400 million market capitalization, it's hardly noticeable to $1.3 trillion Apple.