If you purchased shares of AtriCure, Inc. Common Stock between May 10, 2007 through October 31, 2008, inclusive, your rights may be affected by a class action settlement.
A class action settlement has been reached in a securities fraud class action lawsuit against AtriCure, Inc. and others (collectively “Defendants”) pending in the United States District Court for the Southern District of Ohio, Western Division at Cincinnati (styled In re AtriCure, Inc. Securities Litigation, Case No. 1:08cv00867) involving Defendants’ alleged false and misleading statements to the investing public relating to the marketing and promotion of AtriCure’s products and the training of doctors in the off-label use of AtriCure products, according to the class action settlement notice.
The class covered by the AtriCure class action settlement reportedly includes all persons and entities who purchased shares of AtriCure, Inc. between and including May 10, 2007, and October 31, 2008, inclusive, but reportedly excluded from the Class are Defendants, directors and officers of AtriCure, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest, and any person or entity who files a timely and valid request for exclusion from the AtriCure Class.
Subject to Court approval, the Settling Defendants reportedly will pay Two Million Seven Hundred and Fifty Thousand Dollars ($2,750,000) (the “Settlement Amount”) in cash. The AtriCure Net Settlement Fund (i.e. the Settlement Fund after the payment of attorneys’ fees and costs approved by the Court) will reportedly be distributed to claimants who file a valid and timely proof claim and release form with the AtriCure Claims Administrator.
The reported deadline to submit a claim form in the proposed AtriCure settlement is January 7, 2011 and the deadline to exlude yourself or opt out of the class action settlement or object to the class action settlement is September 27, 2010.
A settlement hearing is scheduled to be held before the Honorable Michael R. Barrett in the United States District Court for the Southern District of Ohio, United States Courthouse, 100 East Fifth Street, Cincinnati, Ohio 45202, Room 239 at 1:30 p.m., on October 7, 2010 to determine, among other things, whether the proposed AtriCure class action settlement should be approved by the Court as fair, reasonable and adequate.
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