Who's Suing Who?

Discussion in 'Stocks' started by stonedinvestor, Jan 11, 2007.

  1. Got some whispers on DIO about Insider Buying ahead of a court decision. The buying looks to be from August but there may be some fresh buying. I'm tracking that down.The case is funny because DIO is getting dragged to court too: AP
    VNUS Claims Favorable Ruling in Lawsuits
    Tuesday November 21, 3:31 pm ET
    VNUS Medical Technologies Claims Favorable Ruling in Ongoing Patent Suits
    SAN JOSE, Calif. (AP) -- Medical device maker VNUS Medical Technologies Inc. said Tuesday a federal judge ruled in its favor on the meaning of several claims in a lawsuit against several rival companies.
    In October, VNUS filed patent infringement lawsuits against AngioDynamics Inc. and Vascular Solutions Inc. VNUS already had a standing suit against Diomed Holdings Inc. The suits pertain to devices that use lasers to burn away tissue inside veins. The lawsuit asks for an injunction and monetary damages.
    The decision by the U.S. District Court for the Northern District of California determined the meaning of certain words and phrases in the lawsuit, VNUS said. The ruling was favorable to the company, according to VNUS.
    Shares of Diomed fell 9 cents, or 9.3 percent, to a new 52-week low of 88 cents on the American Stock Exchange. Their previous year low of 91 cents was set earlier in November.
    Shares of AngioDynamics rose 34 cents to $22.13 on the Nasdaq.

    But wait folks DIO's case comes first! :

    Court Sets Trial Date in Diomed EVLT Patent Litigation
    Friday December 8, 3:42 pm ET

    ANDOVER, Mass.--(BUSINESS WIRE)--Diomed Holdings, Inc. (AMEX: DIO - News), a leading developer and marketer of minimally invasive medical technologies, including its patented EndoVenous Laser Treatment (EVLT(®)) for varicose veins, today announced that U.S. District Judge Nathaniel M. Gorton has set March 12, 2007 as the trial date for commencement of trial in the pending litigation to enforce Diomed's U.S. Patent No. 6,398,777 against both AngioDynamics and Vascular Solutions.

    In January 2004, Diomed commenced legal action in the United States Federal District Court for the District of Massachusetts against AngioDynamics, seeking injunctive relief and damages for infringement of Diomed's pioneering United States Patent Number 6,398,777 which covers the endovascular laser treatment of varicose veins. Diomed acquired exclusive rights to the patent from the five inventors of the procedure in September 2003. Diomed initiated similar infringement actions against Vascular Solutions and two other competitors later in 2004.

    In August of this year Judge Gorton ruled that Diomed's '777 patent is both valid and enforceable, limiting the issues to be heard at trial to infringement and damages. Specifically, in addition to injunctive relief and recovery of legal costs, Diomed intends to seek direct damages of approximately $17.4 million. Additionally, should the jury find the defendants "willfully" infringed on Diomed's patent, any award could be subject to treble damages.

    "We are pleased with the date that the court has chosen and look forward to proceeding to trial," stated James A. Wylie, Jr., President and Chief Executive Officer of Diomed Holdings, Inc. "Having invested nearly $10 million in the acquisition and litigation of our EVLT® intellectual property, we fully intend to protect our patent against those who infringe upon Diomed's legal rights. We look forward to seeing this case to its just and timely conclusion."

    Wow things are getting ugly in the laser world. VNUS is suing Angiodynamics & Vascular Solutions AND DIO is suing Angio & Vascular BUT DIO and VNUS are not suing each other! Perhaps they should link up!Now it's of interest to the stonedinvestor that ANGO has an analyst meeting TODAY at 10:30 at Needham. They have a nice story to tell because they swallowed RITA Med which had a big revenue stream> so earnings wise ANGO would seem to be on firm ground. But will they mention the DIO case?

    DIO itself has come off a low at the 70 cent range is at $1.00 with a 122% spike in volume. All eyes are on the court system, it would seem DIO is fighting for it's very life.
    ANGO & DIO I will be watching them both carefully today.~ stoney