Cyberonics, Inc. Putative Securities Class Action Complaint Dismissed

The United States District Court for the Southern District of Texas dismissed putative securities class action lawsuit against Cyberonics, Inc. (Nasdaq: CYBX) and certain of its officers and directors.

The Court ruled that the consolidated complaint failed to state any claim under the federal securities laws because it failed to allege material misstatements with particularity, failed to allege facts sufficient to raise a strong inference of intent or severe recklessness, and failed to allege sufficiently the causal connection between the plaintiffs’ loss and the defendants’ actions.

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