AngioDynamics (NSDQ:ANGO) closed the books on a 3-year-old distribution spat with Cardinal Health, with the companies agreeing to a terminate the lawsuit late last month.
AngioDynamics agreed to a "Stipulation of Dismissal With Prejudice," putting to rest a lawsuit filed in December 2011 when Cardinal Health claimed that Navilyst Medical, which AngioDynamics acquired last year, falsely terminated an international distribution agreement.
The lawsuit had been stayed for months as they awaited the outcome of a related lawsuit brought by Cardinal Health against a trio of former employees who are now part of AngioDynamics. The parties agreed late last month to let it go, without releasing details of the settlement.
AngioDynamics provided the legal update in its latest quarterly financial report, in which the company beat Wall Street’s earnings expectations, paring its losses by 40.9% on a 0.2% sales gain compared with the same period last year. That sent ANGO shares up 3.2% to $14.73 apiece as of about 10:20 a.m. today.
