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Cyberonics (CYBX) Shares Jump After Hagerty Lawsuit Update

 February 04, 2013 12:31 PM
 


(By Balachander) Cyberonics Inc. (NASDAQ: CYBX), a maker of nerve stimulation devices, said a lawsuit filed by former employee Andrew Hagerty was voluntarily dismissed without prejudice by Hagerty.

The Houston, Texas-based company said Hagerty's claims are subject to binding arbitration.  Hagerty, a former sales representative at the company, has the right to re-file the lawsuit or to pursue a resolution through binding arbitration.

The suit was filed in federal district court in Massachusetts. 

[Related -Cyberonics, Inc. (CYBX) Q4 Earnings Preview: Upbeat Outlook Coming?]

"Hagerty's decision to terminate the lawsuit removes an overhang from Cyberonics shares," Jefferies wrote in a note seen by the theflyonthewall.com.

Cyberonics developed and markets the VNS Therapy System, which is FDA-approved to treat 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. 

The stock, which has been trading in the 52-week range of $33.48 to $56.73, traded $3.71 higher, or 8.37 percent, at $47.63 on Monday.

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