Intuitive Surgical (NSDQ:ISRG) said this week it inked a $42.5 million agreement to settle class action lawsuits against it.
The cases, which date back to 2013, involved shareholders who purchased stock between February 6, 2012 and July 18, 2013. Shareholders claimed that the company and a select number of its officers violated federal securities laws by “making false and misleading statements and omitting certain material facts in certain public statements and in the company’s filings with the SEC,” according to Intuitive’s 10Q filing.
The plaintiffs sought class certification in September 2015, which was granted in December 2016. Intuitive Surgical sought to dismiss the complaint last year, but was denied. A trial in the case was originally scheduled to begin this October, according to the 10Q filing.
The Sunnyvale, Calif.-based company said that the settlement agreement is subject to approval by the US District Court for the Northern District of California, according to an SEC filing.
In February, Intuitive Surgical revealed a nearly $12 million legal settlement covering a slew of cases brought by investors alleging that the robot-assisted surgery pioneer misled them.
