Possis Medical Shareholder Suit Dismissed on Appeal
March 24 2008 - 5:05PM
Business Wire
Possis Medical, Inc. (NASDAQ: POSS), a developer, manufacturer and
marketer of pioneering medical devices used in endovascular
procedures, today announced that the United States Court of Appeals
for the Eighth Circuit has affirmed the Federal District Court's
dismissal of a shareholder lawsuit that was filed June 5, 2005. The
suit had alleged that Possis Medical violated federal securities
laws by misrepresenting material information about the Company�s
AngioJet� Rheolytic� Thrombectomy System prior to the August 2004
public disclosure of the results of the Company�s AiMI clinical
trial. The United States District Court for the District of
Minnesota had previously dismissed with prejudice the consolidated
amended complaint in a shareholder class action lawsuit filed
against Possis Medical and two of its executive officers, entitled
�In re Possis Medical, Inc., Securities Litigation.� �We are very
pleased that the appellate court has dismissed this case. Although
we have always been firm in our conviction that this suit was
without merit, it confirms our confidence in the judicial process
to have the court take this action,� commented Robert G. Dutcher,
chairman, president and chief executive officer of Possis Medical
Inc. About Possis Medical, Inc. Possis Medical, Inc., develops,
manufactures and markets pioneering medical devices for the large
and growing cardiovascular and vascular treatment markets. The
Company�s AngioJet� System is the world�s leading mechanical
thrombectomy system with FDA approval to remove large and small
thrombus from coronary arteries, coronary bypass grafts, peripheral
arteries and veins, A-V grafts and native fistulas.
Possis Medical (MM) (NASDAQ:POSS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Possis Medical (MM) (NASDAQ:POSS)
Historical Stock Chart
From Sep 2023 to Sep 2024