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Cyberonics, Inc.
Cyberonics Announces Settlement of Convertible Note Litigation
May 10th, 2008
Cyberonics, Inc. (NASDAQ:CYBX) announced that it has settled the previously pending legal proceedings with note holders regarding an alleged default and acceleration of the company's $125 million of 3.0% convertible notes due September 27, 2012 ("Notes"). After receiving a notice in October 2006 from Wells Fargo, N.A., the indenture trustee, purporting to accelerate the Notes, the company filed a lawsuit seeking a declaration that it was not in default. In June 2007, the federal district court ruled that the company did not breach the indenture, and the trustee appealed the district court's ruling. With the appeal still pending in the appellate court, the parties have...
Source: Law & Health Weekly (2008-05-10)
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