Court Dismisses Suit Against Cyberonics

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–>Houston, TX-based medical device maker Cyberonics Inc. said a shareholder class-action lawsuit filed against the company was dismissed in the US District Court for the Southern District of Texas.
    The complaint, filed in June 2005, alleges certain officers and directors made false and misleading statements regarding Cyberonics’ Vagus Nerve Stimulation Therapy System device, which is used for treatment of resistant depression. The plaintiffs also alleged that the company failed to disclose safety concerns of the FDA, and that they misrepresented the size of the market for the therapy system.
    According to the company, the Court said the plaintiffs failed to provide “material misstatements” and failed to allege the connection between their loss and the defendants’ actions.
    The Court gave the plaintiffs 30 days to file an amended complaint. try{OAS_AD(