VirnetX's Stock Soars After Patent Dispute With Microsoft Settled

VirnetX Holding Corp.'s stock soared 17% on heavy volume in afternoon trade Friday, after the Internet security software company said it will receive $23 million from Microsoft Corp. to settle a patent dispute. VirnetX said the agreement settles all pending patent disputes. "We are pleased to have come to an agreement with Microsoft Corporation and put all our legal disputes behind us," said Kendall Larsen, VirnetX's chief executive. Trading volume in the stock as of 2:30 p.m. Eastern was 2.3 million shares, or about five times the full-day average. The stock has tumbled 70% this year, compared with a 12% rise in the S&P 500. Microsoft's stock was up 0.7% in afternoon trade.