Saxena White successfully prosecuted a securities fraud class action on behalf of investors of AtriCure, Inc. ("AtriCure" or the "Company") in the United States District Court for the Southern District of Ohio, which was pending before the Honorable Michael R. Barrett.
The suit against the Company and its senior executives sought to recover damages on behalf of shareholders for Defendants' misstatements and omissions concerning AtriCure's improper marketing and sales of its cardiac ablation products, as well as false and misleading statements concerning the Company's physician training and insurance reimbursement in connection therewith.
As a result of Defendants' improper course of conduct, AtriCure's stock price was artificially inflated during the class period. When the truth concerning the Company's business operations was revealed to the investing public, AtriCure's stock price plummeted, causing millions of dollars in damages to its shareholders.
After filing suit against Defendants on behalf of investors and being appointed as Co-Lead Counsel, Saxena White conducted an in-depth investigation of our claims and filed a comprehensive amended complaint against Defendants. Saxena White then successfully defended the complaint against Defendants' motions to dismiss, with the Court denying such motions and allowing the case to proceed into discovery.
With the prospect of a costly and time-consuming discovery production looming on the horizon, the parties agreed to discuss the possibility of resolving the litigation through the assistance of professional mediator Michael D. Young, Esq. After a long in-person mediation, the parties achieved an outstanding settlement result for the Class that provided for the creation of a $2.75 million fund. Thereafter, the parties submitted a motion for the Court to approve the settlement. On October 13, 2010, Judge Barrett issued an Order and Final Judgment which approved of the settlement as fair, reasonable and adequate.