Retractable Technologies, Inc. Reports Settlement of All Existing Litigation
May 07 2019 - 12:32PM
Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports that
a settlement has been reached with both Becton, Dickinson and
Company (“BD”) and MDC Investment Holdings, Inc. (“MDC”) to settle
all existing litigation by and against Retractable. In 2007,
Retractable sued BD for violations of antitrust acts, false
advertising, product disparagement, tortious interference, unfair
competition, and other matters. In 2007, BD and MDC sued
Retractable for patent infringement. A settlement agreement,
effective May 3, 2019, released all claims by Retractable against
BD and MDC arising prior to May 3, 2019 and all claims by BD and
MDC against Retractable arising prior to May 3, 2019. As a result,
on May 6, 2019, the following actions were taken in each of the two
cases: Retractable withdrew its petition before the U.S. Court of
Appeals for the Fifth Circuit for an en banc rehearing; and the
parties filed for a dismissal with prejudice in the U.S. District
Court for the Eastern District of Texas, Texarkana Division. The
settlement does not obligate either party to make any payment to
the other and each party shall be responsible for its own costs and
attorneys’ fees.
ABOUT RETRACTABLE
Retractable manufactures and markets VanishPoint® and Patient
Safe® safety medical products and the EasyPoint® needle. The
VanishPoint® syringe, blood collection, and IV catheter products
are designed to prevent needlestick injuries and product reuse by
retracting the needle directly from the patient, effectively
reducing exposure to the contaminated needle. Patient Safe®
syringes are uniquely designed to reduce the risk of bloodstream
infections resulting from catheter hub contamination. The
EasyPoint® is a retractable needle that can be used with luer lock
syringes, luer slip syringes, and prefilled syringes to give
injections. The EasyPoint® needle also can be used to aspirate
fluids and for blood collection. Retractable's products are
distributed by various specialty and general line distributors.
For more information on Retractable, visit its website at
www.retractable.com.
Forward-looking statements in this press release are made
pursuant to the safe harbor provision of the Private Securities
Litigation Reform Act of 1995 and reflect Retractable's current
views with respect to future events. Retractable believes that the
expectations reflected in such forward-looking statements are
accurate. However, Retractable cannot assure you that such
expectations will materialize. Actual future performance could
differ materially from such statements.
Factors that could cause or contribute to such differences
include, but are not limited to: potential tariffs, Retractable's
ability to maintain liquidity; Retractable's maintenance of patent
protection; Retractable's ability to maintain favorable third party
manufacturing and supplier arrangements and relationships; foreign
trade risk; Retractable's ability to quickly increase capacity in
response to an increase in demand; Retractable's ability to access
the market; Retractable's ability to maintain or lower production
costs; Retractable's ability to continue to finance research and
development as well as operations and expansion of production; the
impact of larger market players in providing devices to the safety
market; and other risks and uncertainties that are detailed from
time to time in Retractable's periodic reports filed with the U.S.
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20190507005869/en/
Retractable Technologies, Inc.Michele M. Larios, 888-806-2626 or
972-294-1010Vice President and General Counsel
Retractable Technologies (AMEX:RVP)
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