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February 21, 2014
12:45 EDTCYBXCyberonics discloses qui tam action unsealed, U.S. declined to intervene
Cyberonics disclosed in a regulatory filing that on December 5, 2013, after the United States declined to intervene, the U.S. District Court for the District of Massachusetts unsealed a qui tam action, or a lawsuit brought by a private individual purporting to act on behalf of the government, filed against the company under the Federal False Claims Act and the false claims statutes of 28 different states and the District of Columbia. The qui tam action was filed under seal in February 2013 by former employee Andrew Hagerty. Previously, in August 2012, Hagerty filed a related lawsuit in the same court and then voluntarily dismissed that lawsuit immediately prior to filing this qui tam action. In addition to his claims for wrongful and retaliatory discharge stated in the first lawsuit, the qui tam lawsuit alleges that the company violated the FCA and various state false claims statutes while marketing its VNS Therapy System and seeks an unspecified amount consisting of treble damages, civil penalties, and attorneys’ fees and expenses, Cyberonics stated.
News For CYBX From The Last 14 Days
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February 26, 2015
15:09 EDTCYBXCyberonics downgraded earlier to Neutral from Buy at Sidoti
09:25 EDTCYBXOn The Fly: Pre-market Movers
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07:20 EDTCYBXCyberonics backs FY15 adjusted EPS view $2.33-$2.39, consensus $2.37
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07:17 EDTCYBXCyberonics reports Q3 adjusted EPS 59c, consensus 57c
Reports Q3 revenue $72.1M, consensus $72.02M.
06:21 EDTCYBXCyberonics to host conference call
Conference call to discuss merger agreement with Sorin Group will be held on February 26 at 8 am. Webcast Link
06:04 EDTCYBXCyberonics and Sorin Group to merge into new medical technology company
Cyberonics and Sorin S.p.A., a global medical device company, announced their merger plan to create a new medical technologies company with a combined equity value of approximately $2.7B. The proposed transaction has been unanimously approved by the boards of directors of both companies. Sorin and Cyberonics will combine under a newly formed holding company, "NewCo", which the parties will name prior to closing. Each Cyberonics stockholder will receive one ordinary share of NewCo for every share of Cyberonics owned. Each Sorin shareholder will receive a fixed ratio of 0.0472 ordinary shares of NewCo for every Sorin share owned. Following completion of the transaction, Sorin shareholders will own approximately 46% of NewCo, and Cyberonics shareholders will own approximately 54%. Sorin CEO Andre-Michel Ballester will serve as CEO of NewCo and Cyberonics CEO Dan Moore will become non-executive Chairman. The combined company will have pro-forma revenues of approximately $1.3B and the merger is expected to be cash EPS accretive to all shareholders from 2016. NewCo will be domiciled in the UK and will apply for dual-listing on NASDAQ and the London Stock Exchange. The transaction is currently expected to be completed by the end of 3Q15.
February 25, 2015
17:03 EDTCYBXCyberonics announces CE Mark approval of VITARIA System
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