Full Press Release Details
Court Dismisses Securities Class Action Lawsuit Against NeuroMetrix, Inc.
Mass. (BUSINESS WIRE) Dec. 14, 2009 NeuroMetrix, Inc. (Nasdaq:
NURO), a health care company transforming patient care through neurotechnology,
today announced that United States District Court for the District of
Massachusetts dismissed the consolidated federal securities class action
lawsuit that had been pending against the company.
lawsuit, filed against the company and certain officers on behalf of a
purported class of investors who purchased NeuroMetrix common stock between October 27,
2005 and February 12, 2008, had alleged, among other things, that the
defendants made false and misleading statements and failed to disclose material
information in various Securities and Exchange Commission filings, press
releases and other public statements in violation of the federal securities
laws. The Court entered a judgment dismissing the complaint on December 8,
2009, rejecting the plaintiffs allegations in their entirety. The plaintiffs
have the ability to appeal the Court s decision.
is a science-based health care company transforming patient care through
neurotechnology. We provide innovative products for preservation and
restoration of nerve and spinal cord function, and pain control. To date, our
focus has been primarily on the assessment of neuropathies. Neuropathies affect
the peripheral nerves and parts of the spine and are frequently caused by or
associated with carpal tunnel syndrome, diabetes, sciatica, and other clinical
disorders. We market systems for the performance of nerve conduction studies
and needle electromyography procedures. Our product pipeline includes a system
designed to deliver pharmacologic agents such as anesthetics and
corticosteroids in close proximity to nerves for regional anesthesia, pain
control, and the treatment of focal neuropathies. We are also developing
devices and pharmaceutical agents to treat peripheral nerve and spinal cord
injuries. For more information, visit http://www.neurometrix.com.
statements contained in this press release include forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including, without limitation, statements regarding NeuroMetrix s or
its management s expectations, hopes, beliefs, intentions, or strategies
regarding the future.. The forward-looking statements contained in this press
release are based on NeuroMetrix s current expectations and beliefs concerning
future developments and their potential effects on it. There can be no
assurance that future developments affecting NeuroMetrix will be those that
NeuroMetrix has anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond NeuroMetrix s control) or
other assumptions that may cause actual results or performance to be materially
different from those expressed or implied by these forward-looking statements,
including whether an appeal is filed in the securities class action litigation
and the results of any such appeal. These risks and uncertainties include the
factors described under the heading Item 1A. Risk Factors in the Company s
Annual Report on Form 10-K for the fiscal year ended December 31,
2008 and any updates contained in its subsequently filed quarterly reports on Form 10-Q
other SEC filings. These forward-looking statements speak only as of the date
hereof, and the Company expressly disclaims any intent or obligation to update
these forward-looking statements.
T. Higgins, 781-314-2761