Vascular Solutions Comments on Justice Department Press Release Concerning Qui Tam Lawsuit Settlement Agreement
July 28 2014 - 5:04PM
In response to a press release issued today by the Department of
Justice concerning the settlement of a qui tam lawsuit, Vascular
Solutions, Inc. (Nasdaq:VASC) issued the following comment:
"An agreement to settle this lawsuit was previously reached on
January 22, 2014 and previously disclosed in the Company's public
filings, with the only event occurring today being the long-delayed
signing of the formal settlement agreement. The terms of the
settlement are that the Company will make a payment of $520,000,
the Company will make no admission of fault or liability, and the
U.S. Attorneys' Office will dismiss the civil lawsuit with
prejudice and release all civil claims brought against the company
in the civil lawsuit. The press release issued today by the
Department of Justice contains numerous allegations which the
Company continues to deny."
About Vascular Solutions
Vascular Solutions, Inc. is an innovative medical device company
that focuses on developing unique clinical solutions for coronary
and peripheral vascular procedures. The company's product line
consists of more than 80 products in three categories: catheter
products, hemostat products and vein products. Vascular
Solutions delivers its products to interventional cardiologists,
interventional radiologists, electrophysiologists, and vein
specialists through its direct U.S. sales force and international
independent distributor network.
The information in this press release contains forward-looking
statements that involve risks and uncertainties. Our actual results
could differ materially from those anticipated in these
forward-looking statements. Important factors that may cause such
differences include those discussed in our Annual Report on Form
10-K for the year ended December 31, 2013 and other recent filings
with the Securities and Exchange Commission. The risks and
uncertainties include, without limitation, risks associated with
the need for adoption of our new products, lack of sustained
profitability, exposure to intellectual property claims,
significant variability in quarterly results, exposure to possible
product liability claims, the development of new products by
others, doing business in international markets, the availability
of third party reimbursement, and actions by the FDA.
For further information, connect to www.vasc.com.
CONTACT: Vascular Solutions, Inc.
Howard Root, CEO
HRoot@vasc.com
(763) 656-4300
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