Possis Medical, Inc. (NASDAQ: POSS), a developer, manufacturer and
marketer of pioneering medical devices used in endovascular procedures,
today announced that the United States Court of Appeals for the Eighth
Circuit has affirmed the Federal District Court's dismissal of a
shareholder lawsuit that was filed June 5, 2005. The suit had alleged
that Possis Medical violated federal securities laws by misrepresenting
material information about the Company’s
AngioJet® Rheolytic™
Thrombectomy System prior to the August 2004 public disclosure of the
results of the Company’s AiMI clinical trial.
The United States District Court for the District of Minnesota had
previously dismissed with prejudice the consolidated amended complaint
in a shareholder class action lawsuit filed against Possis Medical and
two of its executive officers, entitled “In re
Possis Medical, Inc., Securities Litigation.”
“We are very pleased that the appellate court
has dismissed this case. Although we have always been firm in our
conviction that this suit was without merit, it confirms our confidence
in the judicial process to have the court take this action,”
commented Robert G. Dutcher, chairman, president and chief executive
officer of Possis Medical Inc.
About Possis Medical, Inc.
Possis Medical, Inc., develops, manufactures and markets pioneering
medical devices for the large and growing cardiovascular and vascular
treatment markets. The Company’s AngioJet®
System is the world’s leading mechanical
thrombectomy system with FDA approval to remove large and small thrombus
from coronary arteries, coronary bypass grafts, peripheral arteries and
veins, A-V grafts and native fistulas.
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