MINNEAPOLIS, July 28, 2014 (GLOBE NEWSWIRE) -- In response to a press release issued today by the Department of Justice concerning the settlement of a qui tam lawsuit, Vascular Solutions, Inc. (Nasdaq:VASC) issued the following comment:
"An agreement to settle this lawsuit was previously reached on January 22, 2014 and previously disclosed in the Company's public filings, with the only event occurring today being the long-delayed signing of the formal settlement agreement. The terms of the settlement are that the Company will make a payment of $520,000, the Company will make no admission of fault or liability, and the U.S. Attorneys' Office will dismiss the civil lawsuit with prejudice and release all civil claims brought against the company in the civil lawsuit. The press release issued today by the Department of Justice contains numerous allegations which the Company continues to deny."
About Vascular Solutions
Vascular Solutions, Inc. is an innovative medical device company that focuses on developing unique clinical solutions for coronary and peripheral vascular procedures. The company's product line consists of more than 80 products in three categories: catheter products, hemostat products and vein products. Vascular Solutions delivers its products to interventional cardiologists, interventional radiologists, electrophysiologists, and vein specialists through its direct U.S. sales force and international independent distributor network.
The information in this press release contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements. Important factors that may cause such differences include those discussed in our Annual Report on Form 10-K for the year ended December 31, 2013 and other recent filings with the Securities and Exchange Commission. The risks and uncertainties include, without limitation, risks associated with the need for adoption of our new products, lack of sustained profitability, exposure to intellectual property claims, significant variability in quarterly results, exposure to possible product liability claims, the development of new products by others, doing business in international markets, the availability of third party reimbursement, and actions by the FDA.
For further information, connect to www.vasc.com.
CONTACT: Vascular Solutions, Inc. Howard Root, CEO HRoot@vasc.com (763) 656-4300Source:Vascular Solutions, Inc.