American Medical Systems Owes $13.8M, Loses CEO

Law360, New York (January 7, 2008, 12:00 AM EST) -- An arbitration panel has awarded former CryoGen Inc. shareholders $13.8 million in their dispute with American Medical Systems Holdings, Inc., over a 2002 merger agreement.

American Medical Systems also announced that its president and chief executive officer, Martin J. Emerson, had resigned effective Friday. The resignation was mutually agreed upon, according to the company.

The dispute with CryoGen Inc. stemmed from American Medical Systems' December 2002 purchase of CryoGen Inc. for $40 million in cash.

CryoGen shareholders claimed that American Medical Systems breached the merger agreement...
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