A Medical Device Daily
Possis Medical (Minneapolis), a developer of devices used in endovascular procedures reported that the U.S. Court of Appeals for the Eighth Circuit has affirmed the Federal District Court's dismissal of a shareholder lawsuit filed in June 2005 (Medical Device Daily, June 7, 2005).
The suit alleged that Possis misrepresented substantive information about the company's AngioJet Rheolytic Thrombectomy System prior to the 2004 public disclosure of the results of the company's AiMI clinical trial (MDD, Sept. 29, 2004).
The U.S. District Court for the District of Minnesota had previously dismissed with prejudice the amended complaint in a shareholder lawsuit filed vs. Possis and two of its executives, titled In re Possis Medical, Securities Litigation.
"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," said Robert Dutcher, president/CEO and chairman of Possis.