Helius Medical Technologies Announces the Dismissal of the Shareholder Class Action Lawsuit
July 14 2020 - 7:05AM
Helius Medical Technologies, Inc. (NASDAQ:HSDT) (TSX:HSM) (“Helius”
or the “Company”), announced the dismissal of a putative
shareholder class action in the Southern District of New York. The
plaintiffs voluntarily dismissed the 2019 lawsuit with prejudice,
ending the case against Helius in In re Helius Medical Technologies
Litigation, 19-CV-6365. U.S. District Judge Loretta Preska signed
the final order dismissing the litigation on July 1, 2020.
“We are gratified that this meritless lawsuit has been
dismissed,” said Helius CEO and Chairman Philippe Deschamps. “We
have maintained from the outset that we never misled anyone, and
these claims were baseless. I, along with Joyce LaViscount,
Jonathan Sackier and the rest of our leadership team, remain fully
committed to our mission and protecting the interests of our
investors.”
About Helius Medical Technologies,
Inc.
Helius Medical Technologies is a neurotech
company focused on neurological wellness. The Company’s purpose is
to develop, license and acquire unique and non-invasive platform
technologies that amplify the brain’s ability to heal itself. The
Company’s first product in development is the Portable
Neuromodulation Stimulator (PoNSTM). For more information, visit
www.heliusmedical.com.
About the PoNS Device and PoNS
Treatment
The Portable Neuromodulation Stimulator (PoNS)
is an authorized class II, non-implantable medical device
authorized for sale in Canada. PoNS is intended as a short term
treatment (14 weeks) of chronic balance deficit due to
mild-to-moderate traumatic brain injury and is to be used in
conjunction with physical therapy and indicated as a short term
treatment (14 weeks) of gait deficit due to mild and moderate
symptoms from MS and is to be used in conjunction with physical
therapy. The PoNS is an investigational medical device in the
United States, the European Union, and Australia, and is currently
under review for clearance by the AUS Therapeutic Goods
Administration. PoNS is not commercially available in the United
States, the European Union or Australia.
Cautionary Disclaimer Statement:
Certain statements in this news release are not
based on historical facts and constitute forward-looking statements
or forward-looking information within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and Canadian
securities laws. All statements other than statements of historical
fact included in this news release are forward-looking statements
that involve risks and uncertainties. Forward-looking statements
are often identified by terms such as “believe,” “continue,” “look
forward,” “will” and similar expressions. Such forward-looking
statements include, among others, statements regarding the outcome
of pending or future litigation, the Company’s future clinical and
regulatory development plans for the PoNS, the success of the
Company’s planned study, business and commercialization initiatives
and objectives, the potential receipt of regulatory clearance of
the PoNS device in the United States, the European Union and
Australia and the Company’s revenue guidance.
There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those expressed or implied by such
statements. Important factors that could cause actual results to
differ materially from the Company’s expectations include the
uncertainties associated with clinical trial enrollments and the
results of clinical trials, uncertainties associated with the
clinical development process and FDA regulatory submission and
approval process, including the Company’s capital requirements to
achieve its business objectives and other risks detailed from time
to time in the filings made by the Company with securities
regulators, and including the risks and uncertainties about the
Company’s business described in the “Risk Factors” sections of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2019, and its other filings with the United States Securities
and Exchange Commission and the Canadian securities regulators,
which can be obtained from either at www.sec.gov or
www.sedar.com.
The reader is cautioned not to place undue
reliance on any forward-looking statement. The forward-looking
statements contained in this news release are made as of the date
of this news release and the Company assumes no obligation to
update any forward-looking statement or to update the reasons why
actual results could differ from such statements except to the
extent required by law.
The Toronto Stock Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of the
content of this news release.
Investor Relations Contact:
Westwicke Partners on behalf of Helius Medical Technologies,
Inc.
Mike Piccinino, CFA
investorrelations@heliusmedical.com
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