Market Overview

District Courts Get Motion To Dismiss All Claims


IRADIMED CORPORATION (Nasdaq: IRMD), the only known provider of non-magnetic intravenous (IV) infusion pump systems that are designed to be safe for use during magnetic resonance imaging (MRI) procedures, announced today that the United States District Court for the Southern District of Florida granted motions to dismiss all claims alleged against the Company, its officers and directors in the Lam Civil Action matter.

"We are pleased with this ruling and will continue to focus on meeting the needs of our customers," said Roger Susi, the Company's President and Chief Executive Officer.

On September 10, 2014, a putative class action lawsuit was filed in the U.S. District Court for the Southern District of Florida ("Lam Civil Action"). The Lam Civil Action was brought against the Company and certain individuals who are officers and / or directors of the Company. The plaintiff was an alleged shareholder of the Company, and in the operative complaint sought relief on behalf of a class of persons who purchased the Company's common stock during the period from July 15, 2014 through September 17, 2014. The complaint alleged that the defendants failed to disclose material information concerning the Company's compliance with FDA regulations in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and that the putative class members suffered damages as a result. The complaint additionally alleged "control person" liability against the individual defendants under Section 20(a) of the Securities Exchange Act of 1934. The Company disputed the plaintiff's allegations and theories of liability. On May 26, 2015, the court granted the defendants' motions to dismiss the complaint in its entirety.

Posted-In: News Legal Press Releases


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