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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alphatec Holdings Inc | NASDAQ:ATEC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.44 | 3.33% | 13.65 | 13.21 | 13.95 | 13.73 | 13.255 | 13.56 | 1,081,648 | 21:25:00 |
SAN DIEGO, Oct. 10, 2017 /PRNewswire/ -- NuVasive, Inc. (NASDAQ: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, today announced that it has filed a lawsuit in the Delaware Chancery Court against Patrick S. Miles, former vice chairman of the Company and a member of NuVasive's Board of Directors. The lawsuit asserts that before abruptly resigning from the Company to join Alphatec Holdings, Inc. (NASDAQ: ATEC), Mr. Miles engaged in a scheme for over a year to divert corporate opportunities and then announced he would join Alphatec in violation of his contractual obligations to NuVasive. In the lawsuit, NuVasive argues Mr. Miles' divided loyalties constituted a clear breach of his fiduciary duties to NuVasive and its stakeholders, and that he violated his non-competition and non-solicitation obligations to the Company.
NuVasive issued the following statement:
This step was not taken lightly, particularly given Mr. Miles' history with NuVasive. Yet it is this history and Mr. Miles' intimate knowledge of the Company and our proprietary information that makes his breach of fiduciary duties and contractual obligations so egregious and this litigation necessary.
It is not the Company's preference to proceed down a litigation path, but it would be contrary to our own responsibilities to ignore Mr. Miles' actions. To be clear, Mr. Miles' conduct has precipitated this lawsuit, which we believe is necessary to protect NuVasive's rights and interests and the interests of our stakeholders. We will continue to take all appropriate steps in this regard.
As detailed in the complaint:
A full copy of the complaint will be available at NuVasive's website.
NuVasive stated it is continuing to investigate and will file further claims if warranted.
DLA Piper is serving as legal counsel to NuVasive in connection with this matter.
About NuVasive
NuVasive, Inc. (NASDAQ: NUVA) is transforming spine surgery and beyond with minimally invasive, procedurally-integrated solutions designed to deliver reproducible and clinically-proven surgical outcomes. The Company's portfolio includes access instruments, implantable hardware, biologics, software systems for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. With $962 million in revenues (2016), NuVasive has an approximate 2,300 person workforce in more than 40 countries serving surgeons, hospitals and patients. For more information, please visit www.nuvasive.com.
Forward-Looking Statements
NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, risks associated with the acceptance of the Company's surgical products and procedures by spine surgeons, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive's products (including the iGA™ platform), the Company's ability to effectually manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties described in NuVasive's news releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
View original content with multimedia:http://www.prnewswire.com/news-releases/nuvasive-files-lawsuit-against-patrick-s-miles-to-protect-corporate-assets-and-stakeholders-interests-300534301.html
SOURCE NuVasive, Inc.
Copyright 2017 PR Newswire
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