Cyberonics Announces Update On Hagerty Lawsuit
HOUSTON, Feb. 4, 2013 /PRNewswire/ -- Cyberonics, Inc. (NASDAQ: CYBX) today announced that the lawsuit filed by former employee Andrew Hagerty in federal district court in Massachusetts was voluntarily dismissed without prejudice by Mr. Hagerty on February 1, 2013. The company has asserted that, under the terms of his employment, Mr. Hagerty's claims are subject to binding arbitration. Mr. Hagerty has the right to re-file the lawsuit or to pursue a resolution through binding arbitration.
About Cyberonics, Inc. and the VNS Therapy® System
Cyberonics, Inc. is a medical technology company with core expertise in neuromodulation. The company developed and markets the VNS Therapy System, which is FDA-approved for the treatment of refractory epilepsy and treatment-resistant depression. The VNS Therapy System uses a surgically implanted medical device that delivers pulsed electrical signals to the vagus nerve. Cyberonics markets the VNS Therapy System in selected markets worldwide.
Additional information on Cyberonics and the VNS Therapy System is available at www.cyberonics.com.
Greg Browne, CFO
100 Cyberonics Blvd.
Houston, TX 77058
Main: (281) 228-7262
Fax: (281) 218-9332
SOURCE Cyberonics, Inc.