Packard (HP) has filed its intent to sell its VeriSign stock with the Securities and Exchange Commission. Specifically, HP plans to sell 250,000 common shares of VeriSign which are reportedly worth nearly $30 million dollars. The VeriSign stock was transferred to HP in November 1997 as part of a settlement over allegations of trademark infringement.
VeriSign, an Internet security service provider for e-commerce and communications transactions, was accused of trademark infringement by VeriFone, a unit of HP. Subsequently, VeriFone, an electronic payment service, brought a lawsuit against VeriSign. In the final agreement, VeriSign transferred 250,000 shares of their common stock to HP. Now those same shares will be on the block and up for sale.
