Cyberonics Settles Shareholder Suits Over Backdating

Law360, New York (December 5, 2007, 12:00 AM EST) -- Medical device maker Cyberonics Inc. revealed Wednesday that it has agreed to settle a slew of shareholder derivative lawsuits related to alleged improprieties in the company's issuance of stock options and the accounting related to the issuances.

The company said in a filing with the U.S. Securities and Exchange Commission on Wednesday that it and several of its current and former officers and directors reached an agreement in principle in October with the plaintiffs in five stockholder derivative lawsuits that have been consolidated into a single...
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