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SEC investigates Cyberonics

This article was originally published in The Gray Sheet

Executive Summary

Stock options granted by the company on June 15, 2004 are under inquiry by the Securities & Exchange Commission, according to a June 9 8-K filing. The options were offered the same day FDA's Neurological Devices Panel voted in favor of approving Cyberonics' treatment-resistant-depression device, VNS Therapy, while shares were halted for external trading (1"The Gray Sheet" June 21, 2004, p. 3). The firm's issue leapt 78% to $34.81 from June 14, 2004 to June 16, 2004, the day after the panel decision. Cyberonics claims that the grants were approved by the board of directors without any management influence...
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