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May 27, 2020, 6:50 p.m. EDT

Leidos Awarded Payment From VirnetX, Inc. Lawsuit Against Apple Inc.

RESTON, Va., May 27, 2020 /PRNewswire/ -- Leidos /zigman2/quotes/202902477/composite LDOS +1.74% , a FORTUNE 500® science and technology leader, announced today that it has received $84.6 million from VirnetX representing Leidos' current share of the proceeds resulting from the VirnetX, Inc. lawsuit against Apple Inc. for infringing VirnetX patents.

Leidos expects to use some of the proceeds from the patent litigation to recover its costs of the litigation and to pay a royalty to the customer who paid for the development of the technology. Leidos intends to use the remainder of the proceeds for debt reduction.

The final judgment in the case remains subject to ongoing and potential future proceedings and appeals and Apple has indicated that it will seek restitution of its payment to VirnetX if relief is awarded. A second case by VirnetX against Apple is still pending at the federal trial court in the Eastern District of Texas.

About Leidos

Leidos is a Fortune 500® information technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, homeland security, civil, and health markets. The company's 37,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Virginia, Leidos reported annual revenues of approximately $11.09 billion for the fiscal year ended January 3, 2020. For more information, visit www.Leidos.com .

CONTACTS:


Media: Investors:
Melissa Lee Dueñas Peter Berl
571.526.6011 571.526.7582
duenasml@leidos.com ir@leidos.com

 

Cision
View original content: http://www.prnewswire.com/news-releases/leidos-awarded-payment-from-virnetx-inc-lawsuit-against-apple-inc-301066562.html

SOURCE Leidos

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/zigman2/quotes/202902477/composite
US : U.S.: NYSE
$ 87.91
+1.50 +1.74%
Volume: 987,309
July 10, 2020 4:02p
P/E Ratio
21.46
Dividend Yield
1.55%
Market Cap
$12.49 billion
Rev. per Employee
$318,562
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