Legal Issues

Biomaterials company to settle shareholder suits

Published in Medical Letter on the CDC and FDA, August 28th, 2005

CryoLife, Inc., (CRY), a biomaterials and biosurgical device company, announced that it has reached an agreement in principle to settle the securities class action lawsuit pending in the United States District Court for the Northern District of Georgia arising out of allegedly inadequate disclosures prior to the U.S. Food and Drug Administration's (FDA) August, 2002, tissue recall.

The settlement will resolve all claims asserted against the company and the individual defendants in this case.

The terms of the settlement, which must be approved by the court following notice to the class, include a total settlement of $23.25 million, approximately $11.5...

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Source: Medical Letter on the CDC and FDA (2005-08-28)

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