Uroplasty (NSDQ:UPI) caught a break when 2 class action lawsuits were dismissed in the district courts of Minnesota and New York this month. Uroplasty escaped those suits without shelling out any payments to the plaintiffs, the company said.
Shareholders in July sued Uroplasty in multiple states for allegedly violating financial reporting rules when the company filed a late 10(k) form earlier in the year.
The class action lawsuits were both filed on July 11, but on August 16 the plaintiffs in New York voluntarily offered to dismiss the case. Last week a U.S. district court judge in Minnesota signed off on a dismissal notice.
The Minnetonka, Minn.-based company sent out an update to investors on Tuesday.