Lifecore Biomedical Inc. announced Thursday that U.S. DistrictCourt Judge David Doty has dismissed the class-actionshareholder litigation pending against the company and itspresident and chief executive officer, James Bracke.
A number of shareholder lawsuits were filed in the U.S. DistrictCourt for the District of Minnesota in October 1992 related tothe decline of the price of Lifecore's common stock(NASDAQ:LCBM) and to alleged fraud by the defendants inmisrepresenting the business prospects of the Chaska, Minn.,medical device company.
In early October, Lifecore's stock plunged 81 percent, to $3.25 ashare, when it announced that its hyaluronate product fortreating surgical adhesions had not demonstrated anticipatedlevels of efficacy. But in mid-November the stock recoveredsomewhat, to $8.88 a share, when its partner in the trials, theEthicon division of Johnson & Johnson, reaffirmed itscommitment to the development effort.
LifeCore's stock closed Thursday at $7.50 a share, up 13 cents.
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