Possis Medical Shareholders Appeal Dismissal

Law360, New York (March 7, 2007, 12:00 AM EST) -- One month after a district court dismissed a securities class action against Possis Medical Inc., shareholders that claim that the medical device maker covered up news about its marquee product’s clinical trials filed a notice of appeal on Friday.

The plaintiffs said they will appeal U.S. District Judge James M. Rosenbaum’s ruling dismissing their amended complaint with prejudice on the grounds that they had not met the pleading standards laid out in the Private Securities Litigation Reform Act and the Federal Rules of Civil Procedure....
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