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Stock Market & Financial Investment News

News Breaks
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.
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June 25, 2015
09:05 EDTCYBXSorin, Cyberonics say name of combined company will be LivaNova
Sorin and Cyberonics unveiled LivaNova as the name of their combined company, effective at the close of their proposed merger. The name was chosen through a comprehensive market research process, including participation by employees of both companies worldwide, which produced several thousand proposed names. LivaNova will operate as three business units: Cardiac Surgery, Cardiac Rhythm Management and Neuromodulation, with operating headquarters in Mirandola, Clamart and Houston, respectively. The company will have a presence in over 100 countries around the world with approximately 4,500 employees. Until the closing of the transaction, both companies will continue to operate separately under their current brand names and leadership structures. As previously announced, the transaction is expected to be completed by the end of the third calendar quarter of 2015 and is subject to approval by Cyberonics' stockholders, the receipt of required regulatory clearances, and other customary closing conditions. The cross-border merger of Sorin with and into Livanova plc, the new company that was formed to acquire both Cyberonics and Sorin as part of the proposed merger, was approved by Sorin's shareholders at its extraordinary shareholders' meeting held on May 26, 2015.

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