CryoLife (CRY) Claims Victory in Lawsuit vs. Medafor
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CryoLife, Inc. (NYSE: CRY) has reached full settlement of the outstanding CryoLife, Inc. v. Medafor, Inc. lawsuit that was pending in the Northern District Court of Georgia.
Under terms of the settlement, Medafor has agreed to pay CryoLife $3.5 million in cash. Fifty percent of the payment is to be paid on or before July 9, 2012 and the remainder on or before September 6, 2012.
In addition, as part of the settlement, CryoLife will no longer be required to pay Medafor $1.17 million for previous purchases of inventory, for which Medafor had requested payment. Both parties have agreed to dismiss with prejudice all claims and counter claims associated with the lawsuit. CryoLife will continue to own approximately 2.39 million shares of Medafor common stock, which CryoLife estimates at approximately 9.2% of Medafor's total outstanding shares. CryoLife believes that it remains Medafor's largest shareholder. Although the terms of the settlement are binding, the parties are in the process of formalizing a settlement agreement.
Under terms of the settlement, Medafor has agreed to pay CryoLife $3.5 million in cash. Fifty percent of the payment is to be paid on or before July 9, 2012 and the remainder on or before September 6, 2012.
In addition, as part of the settlement, CryoLife will no longer be required to pay Medafor $1.17 million for previous purchases of inventory, for which Medafor had requested payment. Both parties have agreed to dismiss with prejudice all claims and counter claims associated with the lawsuit. CryoLife will continue to own approximately 2.39 million shares of Medafor common stock, which CryoLife estimates at approximately 9.2% of Medafor's total outstanding shares. CryoLife believes that it remains Medafor's largest shareholder. Although the terms of the settlement are binding, the parties are in the process of formalizing a settlement agreement.
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