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Possis shareholder lawsuit dismissed

This article was originally published in The Gray Sheet

Executive Summary

U.S. Court of Appeals for the Eighth Circuit on March 24 affirms a previous decision by the U.S. District Court for the District of Minnesota to dismiss with prejudice a shareholder lawsuit filed June 5, 2005 against Minneapolis endovascular device firm Possis Medical and two of its executive officers. The suit had alleged the firm misrepresented material information about the company's AngioJet Rheolytic thrombectomy system prior to its August 2004 disclosure of results from its AiMI clinical trial, Possis said. Bayer HealthCare acquired Possis for $361 million in February (1"The Gray Sheet" Feb. 18, 2008, p. 10)

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