LivaNova PLC (NASDAQ:LIVN) Files An 8-K Other Events
Item 8.01 Other Events
On March 29, 2019, LivaNova PLC announced an agreement to settle approximately 75 percent of the previously disclosed litigation in the U.S. related to the Company’s 3T Heater-Cooler device.
Under the terms of the agreement and subject to certain conditions, including acceptance of the settlement by individual claimants, the Company has agreed to a settlement framework that provides for a comprehensive resolution of the personal injury cases pending in the multi-district litigation in U.S. federal court, a related class action case pending in U.S. federal court, as well as certain cases in state courts across the United States. The agreement provides for a total payment of up to $225 million to resolve the claims covered by this settlement, with up to $135 million to be paid no earlier than July 2019 and the remainder in January 2020. LivaNova established a reserve of $294 million in the fourth quarter of fiscal year 2018 in connection with the 3T Heater-Cooler litigation generally.
LivaNova makes no admission of liability under the agreement and can void the agreement if certain conditions, including participation by 95 percent of each of the classes of plaintiffs, are not met. The Company continues to stand behind the 3T Heater-Cooler device, and will vigorously defend the product and company actions in the remaining cases.
For additional information regarding the 3T Heater-Cooler cases and claims against the Company and its subsidiaries, reference is made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, filed on March 18, 2019, with the Securities and Exchange Commission.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits.
|
Exhibit |
Description |
|
99.1 |
LivaNova Press Release dated March 29, 2019
|
LivaNova PLC Exhibit
EX-99.1 2 ex99_13tsettlementpressrel.htm LIVANOVA PRESS RELEASE DATED MARCH 29,…
To view the full exhibit click here
About LivaNova PLC (NASDAQ:LIVN)
LivaNova PLC is a medical technology company. The Company operates through three segments: Cardiac Surgery, Cardiac Rhythm Management (CRM) and Neuromodulation. The Cardiac Surgery business unit is engaged in the development, production and sale of cardiovascular surgery products, including oxygenators, heart-lung machines, perfusion tubing systems and systems for autotransfusion and autologous blood washing. The CRM business unit develops, manufactures and markets products for the diagnosis, treatment and management of heart rhythm disorders and heart failure. CRM offers products, including leads and delivery systems, and information systems. The Neuromodulation business unit designs, develops and markets neuromodulation-based medical devices for the treatment of epilepsy and depression. Through the Neuromodulation business unit, the Company markets its implantable VNS Therapy systems that deliver vagus nerve stimulation therapy for the treatment of epilepsy and depression.