TransEnterix Says Federal Securities Class Action Suit Dismissed

TransEnterix (TRXC) said Monday the United States District Court for the Eastern District of North Carolina has dismissed a securities class action suit filed in June 2016.

The suit alleged that the company failed to disclose deficiencies within the SurgiBot 510(k) submission that undermined the likelihood that the SurgiBot would receive U.S. Food and Drug Administration clearance, which would thus leave the company unable to commercialize the SurgiBot in 2016 and would impair the company’s ability to obtain approval for and commercialize its other robotic surgery platform in the United States.

On Oct. 6, the U.S. District Court for the Eastern District of North Carolina entered final judgment in favor of TransEnterix, Inc. and all other defendants dismissing the class action complaint against them. The dismissal followed the court’s ruling that the plaintiffs’ allegations lacked merit and failed to state a viable claim.

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