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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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