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Goodin MacBride Clients Who Developed Life-saving Medical Device Win Delaware Jury Verdict for Full Value of $175 Million Earnout Payments

The former shareholders of Appriva Medical, Inc., a start-up medical device company headquartered in Sunnyvale, were awarded $175 million by a jury in Delaware deciding their claims for breach of contract and fraud. In the late 90s, Plaintiffs  developed PLAATO, a device implanted in the heart to reduce the risk of strokes in people with atrial fibrillation. In 2001, ev3, a global company that commercializes medical technology, became interested in PLAATO and negotiated a deal to acquire Appriva’s breakthrough device. The deal obligated ev3 to make four payments to Appriva upon the achievement of a series of regulatory milestones culminating in FDA approval of PLAATO. In 2005,  Robert Goodin and Francine Radford of Goodin MacBride brought suit on behalf of Dr. Michael Lesh, a former shareholder in Appriva acting as shareholder representative, alleging that ev3 breached its duty to act in good faith to develop PLAATO and achieve the milestones. After a hard-fought battle that included two appeals to the Delaware Supreme Court, Appriva shareholders were awarded $175 million by a jury, after a 9-day trial. With prejudgment interest added, the judgment will exceed $265 million. Goodin MacBride teamed with Kirkland & Ellis to achieve this impressive result. Read the Press Release from Law360

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Announcement

As of October 1, 2021, the law firm of Goodin, MacBride, Squeri & Day, LLP has dissolved its partnership. In order to reach any of the firm’s professionals in their current practices, please contact them through the information found below.

The following are all practicing as part of Downey Brand LLP, in its San Francisco office:

Thomas J. MacBride, Jr.
James D. Squeri
Michael B. Day
Brian T. Cragg
Megan J. Somogyi
Nirvesh Sikand

Robert A. Goodin and Keith E. Johnson are continuing their commercial litigation practice as The Law Offices of Robert A. Goodin.  They may be reached at:

John L. Clark is now working as a solo practitioner, and can be reached at: