Appriva Investors Win $250M Jury Award In Contract Fight

Law360, Los Angeles (May 1, 2013, 11:01 PM EDT) -- A Delaware state jury on Wednesday awarded $250 million to Appriva Medical Inc. shareholders claiming that medical company ev3 Inc. and private equity backer Warburg Pincus had skipped out on $175 million in milestone payments ev3 had promised when it bought Appriva and its groundbreaking stroke-prevention technology.

The jury decided that ev3 had never planned to make good on the promised payments, as reflected by internal documents from April 2003 showing the Minnesota company had never had them on the books, a source said Wednesday. Thus,...
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