Sirtex Medical (ASX:SRX) said yesterday that Australia’s Federal Court dismissed a lawsuit filed by shareholders alleging it breached continuous disclosure obligations and engaged in misleading and deceptive conduct.
The lawsuit alleges that the double-digit growth outlook for dose sales for its fiscal year 2017, which the company announced on Aug. 24 last year, “has no reasonable grounds.” Yesterday the Australian company said the Federal Court dismissed the shareholders’ bid for an injunction, freeing Sirtex to plan a June 7 share repurchasing plan worth $22.4 million (A$30 million).
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