Superior Court Issues Tentative Ruling and Proposed Statement of Decision in Favor of CombiMatrix
06 Enero 2015 - 5:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for pre- and
postnatal developmental disorders, today announced that the
Superior Court of the State of California, County of Orange (the
"Court"), has issued a tentative ruling and proposed statement of
decision (the "Proposed Statement of Decision") in the matter of
the People of the State of California and Relator Michael
Strathmann ("Plaintiff") vs. Acacia Research Corporation,
CombiMatrix Corporation and Amit Kumar ("Defendants"). In its
27-page Proposed Statement of Decision, the Court has tentatively
ruled in favor of the Defendants and against all claims of the
Plaintiff. Specifically, the Court determined that Defendants
had no fraudulent intent when they pursued insurance benefits under
the National Union D&O Policy over a decade ago. Each
party in this case now has up to fifteen days to file any
objections it may have. The Court then has approximately 60
days to consider the objections and to hear additional arguments
before the Court issues its final ruling and judgment.
"We are pleased with the Court's Proposed Statement of
Decision," said Mark McDonough, President and Chief Executive
Officer of CombiMatrix. "Though we understand that there may be
future legal hurdles to overcome, based on the Court's tentative
decision, we are optimistic this matter will be resolved in favor
of CombiMatrix in a timely fashion. We continue to focus on
executing our business plan and driving toward commercial success
in 2015 and beyond."
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic
solutions and comprehensive clinical support for the highest
quality of care – specializing in miscarriage analysis, prenatal
and pediatric healthcare. CombiMatrix offers comprehensive testing
services for the detection of abnormalities of genes at the DNA
level beyond what can be identified through traditional
technologies. The Company performs genetic testing utilizing
microarray, FISH, PCR and G-Band chromosome analyses. Additional
information about CombiMatrix is available at www.combimatrix.com
or by calling 1-800-710-0624.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon our current expectations, speak only as of the date
hereof and are subject to change. All statements, other than
statements of historical fact included in this press release, are
forward-looking statements. Forward-looking statements can
often be identified by words such as "anticipates," "expects,"
"intends," "plans," "goal," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," "objective," similar
expressions, and variations or negatives of these words. These
forward-looking statements are not guarantees of future results and
are subject to risks, uncertainties and assumptions that could
cause our actual results to differ materially and adversely from
those expressed in any forward-looking statement. The risks
and uncertainties referred to above include, but are not limited
to: the risk that the Court's final ruling and statement of
decision in the current litigation will be different than its
tentative ruling and proposed statement of decision; the risk that
a successful appeal will be taken from the Court's decision in the
current litigation; market acceptance of CMA as a preferred method
over karyotyping; the rate of transition to CMA from karyotyping;
our ability to successfully expand the base of our customers and
strategic partners, add to the menu of our diagnostic tests in both
of our primary markets, develop and introduce new tests and related
reports, optimize the reimbursements received for our testing
services, and increase operating margins by improving overall
productivity and expanding sales volumes; our ability to
successfully accelerate sales, allow access to samples earlier in
the testing continuum, steadily increase the size of our customer
rosters in both developmental medicine and oncology; our ability to
attract and retain a qualified sales force; rapid technological
change in our markets; changes in demand for our future products;
legislative, regulatory and competitive developments; general
economic conditions; and various other factors. Further
information on potential factors that could affect our financial
results is included in our Annual Report on Form 10-K, Quarterly
Reports of Form 10-Q, and in other filings with the Securities and
Exchange Commission. We undertake no obligation to revise or
update publicly any forward-looking statements for any reason,
except as required by law.
CONTACT: Company Contact:
Mark McDonough
President & CEO, CombiMatrix Corporation
(949) 753-0624
Investor Contact:
Robert Flamm, Ph.D.
Russo Partners, LLC
(212) 845-4226
robert.flamm@russopartnersllc.com
Media Contact:
David Schull or Lena Evans
Russo Partners LLC
(212) 845-4271
david.schull@russopartnersllc.com
lena.evans@russopartnersllc.com
Combimatrix Corp. (MM) (NASDAQ:CBMX)
Gráfica de Acción Histórica
De Jul 2024 a Jul 2024
Combimatrix Corp. (MM) (NASDAQ:CBMX)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024