A Medical Device Daily
Cytyc (Marlborough, Massachusetts), a developer of women's health technologies, reported that Judge Nathaniel Gorton has dismissed the consolidated federal securities class-action lawsuit that had been pending against it and a current and former officer of the company in U.S. District Court for the District of Massachusetts.
That lawsuit, filed on behalf of those who purchased Cytyc common stock between July 25, 2001, and June 25, 2002, alleged that the defendants failed to disclose material facts and made materially misleading misstatements about Cytyc's historical and future financial performance.
In his ruling, Gorton adopted the recommendation of U.S. Magistrate Marianne Bowler that the District Court dismiss the case, without prejudice, for reasons set forth in a 73-page decision on defendants' motion to dismiss.
Cytyc in a statement said that plaintiffs' counsel has confirmed that plaintiffs will not appeal the ruling and will not file an amended complaint or take any other action to continue the prosecution of their claims.
Cytyc products cover a range of women's health applications, including cervical cancer screening, breast cancer risk assessment, treatment of excessive menstrual bleeding and treatment of breast cancer.
In other legalities, Dynacq Healthcare (Houston) reported that a U.S. bankruptcy court has confirmed the plan of reorganization of its subsidiary, Vista Hospital of Baton Rouge (VHBR). The reorganization plan provides that VHBR will pay all of its creditors in full, and VHBR expects to emerge from bankruptcy on or about April 18.
VHBR operates Vista Surgical Hospital of Baton Rouge, its primary areas of practice including bariatric surgery, general surgery, pain management and cosmetic surgery.
Dynacq's subsidiaries provide surgical healthcare services and related ancillary services.