Hansen Medical Announces Agreement in Principle to Settle Securities Class Action
09 5월 2013 - 5:01AM
Marketwired
Hansen Medical, Inc. (NASDAQ: HNSN), a global leader in
intravascular robotics, today announced that the Company has
reached an agreement in principle to settle the consolidated
securities class-action lawsuit related to the restatement of
Hansen Medical's financial statements that was first announced in
October 2009. Upon final court approval, all defendants, including
Hansen Medical, will receive a full and complete release of all
claims in the previously disclosed securities class action.
Under the terms of the proposed settlement, the plaintiffs will
receive an aggregate of $8.5 million, $4 million of which will be
funded in cash by Hansen Medical's insurers and other sources. The
Company will fund the remaining portion by issuing $4.25 million
worth of its common stock, the number of shares to be determined
based on the average closing price of the Company's stock for the
10 trading days preceding final court approval of the settlement of
the class action, and paying $250,000 in cash. The settlement
agreement contains no admission of liability by Hansen Medical or
any other defendant. The Company believes this settlement is in the
best interest of Hansen Medical and its stakeholders, as it
eliminates the uncertainties, burden and further expense associated
with this litigation. The settlement is subject to the satisfaction
of various conditions, including execution of final settlement
documents and approval by the United States District Court for the
Northern District of California, which the Company expects to
receive within approximately six months.
Previously, in October 2011, the Company entered into a
settlement with the United States Securities and Exchange
Commission (SEC) that fully resolved the SEC investigation of
Hansen Medical related to the issues surrounding the October 2009
financial restatements. The settlement with the SEC did not impose
any monetary penalty or fine on the Company. In accepting that
settlement, the SEC recognized the Company's remedial actions,
including the change of personnel since the events related to the
restatement surfaced, and the substantial cooperation Hansen
Medical provided in connection with the SEC investigation.
About Hansen Medical, Inc. Hansen Medical,
Inc., based in Mountain View, California, is the global leader in
intravascular robotics, developing products and technology designed
to enable the accurate positioning, manipulation and control of
catheters and catheter-based technologies. The Company's Magellan™
Robotic System, Magellan Robotic Catheter and related accessories,
which are intended to facilitate navigation to anatomical targets
in the peripheral vasculature and subsequently provide a conduit
for manual placement of therapeutic devices, have undergone both CE
marking and 510(k) clearance and are commercially available in the
European Union, and the U.S. In the European Union, the Company's
Sensei® X Robotic Catheter System and Artisan Control Catheter are
cleared for use during electrophysiology (EP) procedures, such as
guiding catheters in the treatment of atrial fibrillation (AF), and
the Lynx® Robotic Ablation Catheter is cleared for the treatment of
AF. This robotic catheter system is compatible with fluoroscopy,
ultrasound, 3D surface map and patient electrocardiogram data. In
the U.S. the Company's Sensei X Robotic Catheter System and Artisan
Control Catheter were cleared by the U.S. Food and Drug
Administration for manipulation and control of certain mapping
catheters in EP procedures. In the United States, the Sensei System
is not approved for use in guiding ablation procedures; this use
remains experimental. The U.S. product labeling therefore provides
that the safety and effectiveness of the Sensei X System and
Artisan Control Catheter for use with cardiac ablation catheters in
the treatment of cardiac arrhythmias, including AF, have not been
established. Additional information can be found at
www.hansenmedical.com.
Forward-Looking Statements This press
release contains forward-looking statements regarding, among other
things, statements relating to goals, plans, objectives, milestones
and future events. All statements, other than statements of
historical fact, are statements that could be deemed
forward-looking statements, including statements containing the
words "plan," "expects," "potential," "believes," "goal,"
"estimate," "anticipates," and similar words. These statements are
based on the current estimates and assumptions of our management as
of the date of this press release and are subject to risks,
uncertainties, changes in circumstances and other factors that may
cause actual results to differ materially from the information
expressed or implied by forward-looking statements made in this
press release. Examples of such statements include statements about
the expectation that the class action will be resolved on the terms
described. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements include, among others, failure of the parties to execute
final settlement agreements, or of the court to approve the
settlement, delays in approval of the settlement, and other risks
more fully described in the "Risk Factors" section of our Annual
Report on Form 10-K for the year ended December 31, 2012 filed with
the SEC on March 18, 2013 and the risks discussed in our other
reports filed with the SEC. Given these uncertainties, you should
not place undue reliance on the forward-looking statements in this
press release. We undertake no obligation to revise or update
information herein to reflect events or circumstances in the
future, even if new information becomes available.
Hansen Medical, Heart Design (Logo), Hansen Medical (with Heart
Design), Sensei and Lynx are registered trademarks, and Magellan is
a trademark of Hansen Medical, Inc. in the United States and other
countries.
Investor Contacts: Peter J. Mariani Chief Financial
Officer Hansen Medical, Inc. 650.404.5800 FTI Consulting,
Inc. Brian Ritchie 212.850.5683 Email Contact John Capodanno
212.850.5705 Email Contact
Hansen Medical, Inc. (MM) (NASDAQ:HNSN)
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