Cyberonics Investor Asks Court to Require Annual Meeting

A group of shareholders have asked a Delaware state court to require troubled medical device manufacturer, Cyberonics, to hold its annual meeting, according to Reuters News Service.

Metropolitan Capital Advisors, a hedge fund based in New York, NY, said it filed a bid with the Delaware Court of Chancery to compel Houston, TX-based Cyberonics to hold its 2006 stockholder’s meeting.

The fund acted on behalf of the Committee for Concerned Cyberonics Shareholders. The fund also nominated Alfred Novak to the company’s board.

Cyberonics is among more than 100 companies that are being investigated by the U.S. Securities and Exchange Commission to find out how stock options were dated.

In addition the company has delayed its regulatory filings and faces possible delisting from Nasdaq.

Cyberonics manufactures an implantable nerve stimulation device to treat epilepsy and depression. In September, watchdog group Public Citizen called for U.S. regulators to pull its depression treatment from the U.S. market, claiming the company has not proven its effectiveness.