Advertisement
YOU ARE HERE: LAT HomeCollectionsSettlements

ORANGE COUNTY BRIEFLY

Advanced Interventional Agrees to Pay $3.9 Million to Settle Shareholders' Suit

July 21, 1993

Advanced Interventional Systems has agreed to pay $3.9 million to settle a shareholders' class-action lawsuit, the company said Tuesday.

The company said it will take a pretax charge of $1.9 million for the second quarter if the tentative agreement is approved by a U.S. District Court judge. The proposed settlement "does not constitute an admission by the company of liability or wrongdoing," said Robert Wall, chairman and chief executive of the Irvine-based manufacturer of heart-disease medical devices.

The suit alleged that Advanced Interventional Systems failed to install adequate marketing plans and that the company knowingly infringed on a competitor's patent. "We think that both allegations were baseless," Wall said. "We are pleased to have this agreement . . . and to refocus our management time to building the main business."

Advertisement
Los Angeles Times Articles
|
|
|