ALBANY, N.Y., Oct. 4, 2012 (GLOBE NEWSWIRE) -- AngioDynamics (Nasdaq:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology, today announced a recent court action in its legal case against biolitec Inc.
On September 28, 2012, the U.S. District Court for the Northern District of New York entered a judgment awarding AngioDynamics $16.5 million in partial damages as a result of biolitec's breach of a binding agreement.
The Court's ruling stems from legal action initiated by AngioDynamics in January 2008 seeking to enforce the defense and indemnification provisions of its April 1, 2002, Supply and Distribution Agreement with biolitec. The Agreement obligated biolitec to defend and indemnify AngioDynamics against patent infringement claims by third parties arising out of the use of laser vein ablation products supplied by biolitec. The Court's order affirms biolitec should have defended and indemnified AngioDynamics against claims asserted by Diomed and VNUS Medical Technologies, but did not. The Court's partial judgment awards AngioDynamics the costs of its $7 million settlement with Diomed in April 2008, $6.8 million settlement with VNUS Medical Technologies in June 2008 and legal fees associated with the two cases. The Court also denied biolitec's motions to certify an interlocutory appeal and to reopen discovery.The September 28, 2012, court action follows the Court's September 27, 2011, action granting key portions of AngioDynamics motion for summary judgment in the case. In a separate legal proceeding, AngioDynamics is pursuing an action in the United States District Court for the District of Massachusetts against biolitec AG (BIB.DE), Biomed Technology Holdings Ltd., and Wolfgang Neuberger to recover against biolitec AG and its CEO for tortiously interfering with biolitec Inc.'s contractual obligations, to pierce biolitec Inc.'s corporate veil, and to invalidate certain alleged fraudulent transfers between biolitec Inc. and related corporate entities On September 13, 2012, the Massachusetts Court granted AngioDynamics' request for a preliminary injunction prohibiting the defendants from alienating or transferring assets, other than in the ordinary course of business, for the duration of the litigation.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts