Appellate court upholds dismissal of suit against Possis Medical shareholders

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The U.S. Court of Appeals for the Eighth Circuit has affirmed the Federal District Court's dismissal of Possis Medical’s shareholder lawsuit that was filed June 5, 2005.

The suit had alleged that Possis Medical violated federal securities laws by misrepresenting material information about its AngioJet Rheolytic Thrombectomy System, a blood clot removal product, prior to the August 2004 public disclosure of the results of its AiMI clinical trial, according to the Minneapolis-based Possis Medical.

The U.S. 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, the company reported.

“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,” said Robert G. Dutcher, chairman, president and CEO of Possis Medical.