Class Action Lawsuit Against Uroplasty Dismissed
Plaintiffs in Additional Case in NY have filed for Dismissal
No Payment or Consideration Made in Either Case
MINNEAPOLIS, Sept. 3, 2013 /PRNewswire/ -- Uroplasty, Inc. (NASDAQ: UPI), a medical device company that develops, manufactures and markets innovative proprietary products for the treatment of voiding dysfunctions, today provided an update on the class action lawsuits filed against the Company alleging possible violations of federal securities laws in relation to the delayed filing of its 10K earlier this year.
On August 22, 2013, an order for dismissal was signed regarding the class action lawsuit filed against Uroplasty by a shareholder on July 11, 2013 in the United States District Court for District of Minnesota. On August 16, 2013, the plaintiffs in a similar action that was filed on July 11, 2013 in the United States District Court for the Southern District of New York filed a notice of voluntary dismissal.
No payment or consideration of any kind was made by Uroplasty or any other defendants in connection with these lawsuits.
About Uroplasty, Inc.
Uroplasty, Inc., headquartered in Minnetonka, Minnesota, with wholly-owned subsidiaries in The Netherlands and the United Kingdom is a global medical company committed to offering transformative treatment options to specialty physicians. Our products are designed to help providers change the lives of their voiding dysfunction patients and strengthen the efficiency of their practices. Our focus is the continued commercialization of our Urgent® PC Neuromodulation System, the only FDA-cleared system that delivers percutaneous tibial nerve stimulation (PTNS) for the office-based treatment of overactive bladder and associated symptoms of urgency, frequency and urge incontinence. We also offer Macroplastique®, an injectable urethral bulking agent for the treatment of adult female stress urinary incontinence primarily due to intrinsic sphincter deficiency. For more information on the company and its products, please visit Uroplasty, Inc. at www.uroplasty.com.
This press release contains forward-looking statements that reflect our best estimates regarding future events and financial performance. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our anticipated results. We discuss in detail the factors that may affect the achievement of our forward-looking statements in our Annual Report on Form 10-K filed with the SEC.
For Further Information:
Brett Reynolds, SVP and CFO
Jenifer Kirtland (Investors)/Janine McCargo (Business Media)
SOURCE Uroplasty, Inc.
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