OrthoLogic settles class action lawsuits:
This article was originally published in Clinica
Executive Summary
Orthopaedics company OrthoLogic has settled a series of class actions dating from 1996. The Tempe, Arizona company is paying $1 million in cash and one million shares of newly-issued OrthoLogic stock to former shareholders. The lawsuits alleged that the company did not disclose information concerning its 1000 bone growth stimulator, leading to an artificially inflated share price. In addition, the plaintiffs alleged fraud in that the company allegedly made untrue statements. While not admitting wrongdoing, OrthoLogic says the settlement frees it from the cost and distraction of ongoing litigation.
You may also be interested in...
Beauty Firms Using AI-Based Tools Could Be Subject To Health Privacy Laws In US States
Using AI-based programs to collect and store consumer information risks running afoul of new health privacy laws cropping up in US states. Lack of federal regulation or guidance on the issue is one of the biggest challenges for beauty firms deploying AI, according to Stacy Marcus, partner at Reed Smith LLP.
Mustang Bio Enters Race For CAR-T In Autoimmune Disease
The biotech company’s CEO talked to Scrip about plans to bring the CD20-targeting CAR-T MB-106 into an investigator-sponsored Phase I trial later this year.
Aldeyra Hopes To Refile Dry Eye Drug Reproxalap Later In 2024
Following an FDA complete response letter last November, Aldeyra has agreed with the agency on a trial design to demonstrate efficacy in ocular discomfort, which the company can complete this year.