Envoy Medical Announces Settlement Contract
10 Ottobre 2023 - 2:30PM
Envoy Medical®, Inc. (NASDAQ: COCH), a hearing health company,
today announced the settlement of an outstanding lawsuit filed by
certain former shareholders of Envoy Medical Corporation (“EMC”),
which is now a wholly-owned subsidiary of Envoy Medical, Inc.
In January 2020, EMC and the members of the EMC board of
directors were sued by certain EMC shareholders in the District
Court of Ramsey County, Minnesota. The lawsuit challenged certain
financing transactions between EMC and Board member Glen Taylor.
The members of the board of directors and Mr. Taylor defended
against plaintiffs’ claims and asserted that the terms of the
challenged transactions were in the best interests of the company
and its shareholders.
Shortly after filing the lawsuit, two of the plaintiffs issued a
press release that the board of directors believed contained false
statements. The members of the board of directors asserted
defamation counterclaims against those two plaintiffs.
The claims and counterclaims were resolved pursuant to a
confidential settlement agreed to in August 2023. In connection
with the settlement, the plaintiffs sold their EMC stock to an
affiliate of Mr. Taylor.
About Envoy Medical, Inc.
Envoy Medical, Inc. (NASDAQ: COCH), headquartered in White Bear
Lake, Minnesota, is a hearing health company focused on providing
innovative medical technologies across the hearing loss spectrum.
Envoy Medical’s technologies are designed to shift the paradigm
within the hearing industry and bring both providers and patients
the hearing devices they desire.
Envoy Medical is dedicated to pushing hearing technology beyond
the status quo to provide patients with improved access, usability,
independence and ultimately quality of life.
About the Fully Implanted Acclaim® Cochlear
Implant
Envoy Medical believes the fully implanted Acclaim® Cochlear
Implant is a first-of-its-kind cochlear implant. Envoy Medical’s
fully implanted technology includes a sensor designed to leverage
the natural anatomy of the ear instead of a microphone to capture
sound.
The Acclaim is designed to address severe to profound
sensorineural hearing loss that is not adequately addressed by
hearing aids. The Acclaim will only be indicated for adults who
have been deemed adequate candidates by a qualified physician.
The Acclaim Cochlear Implant received the Breakthrough Device
Designation from the U.S. Food and Drug Administration (FDA) in
2019. Envoy Medical believes that the Acclaim was the first
hearing-focused device to receive Breakthrough Device Designation
and may still be the only hearing focused medical technology to
receive the designation.
CAUTION The fully implanted Acclaim Cochlear Implant is
an investigational device. Limited by United States law to
investigational use.
Important safety information for the Esteem can be found at:
https://www.envoymedical.com/safety-information.
Forward-Looking Statements
This press release includes “forward-looking statements”
regarding Envoy Medical. Forward-Looking statements may be
identified by the use of words such as “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters, but the absence of these words
does not mean that a statement is not forward-looking. Such
forward-looking statements include Envoy Medical’s statements
regarding the design of its Acclaim Cochlear Implant device
candidate and its potential to address severe to profound
sensorineural hearing loss. The forward-looking statements
contained in this press release reflect Envoy Medical’s current
views about future events and are subject to numerous known and
unknown risks, uncertainties, assumptions and changes in
circumstances that may cause actual results to differ significantly
from those expressed in any forward-looking statement. These
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, Envoy Medical’s
ability to successfully develop and obtain FDA approval of the
Acclaim; any downturn or volatility in economic conditions; changes
in the competitive environment affecting Envoy Medical or its
customers, including Envoy’s inability to introduce new products or
technologies; the impact of pricing pressure and erosion; supply
chain risks; risks to Envoy Medical’s ability to protect its
intellectual property and avoid infringement by others, or claims
of infringement against Envoy Medical; the possibility that Envoy
Medical may be adversely affected by other economic, business
and/or competitive factors; Envoy Medical’s estimates of its
financial performance; and other risks and uncertainties set forth
in the section entitled “Risk Factors” in Envoy Medical’s
registration statement on Form S-4 filed with the U.S. Securities
and Exchange Commission (the “SEC”). If any of these risks
materialize or Envoy Medical’s assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. While forward-looking statements
reflect Envoy Medical’s good faith beliefs, they are not guarantees
of future performance. Envoy Medical disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, new information, data
or methods, future events or other changes after the date of this
press release, except as required by applicable law. You should not
place undue reliance on any forward-looking statements, which are
based only on information currently available to Envoy Medical.
Investor Contact:
Matt KrepsDarrow Associates Investor Relations(214)
597-8200mkreps@darrowir.com
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