CryoLife Reports Settlement of CasesOct 29, 2004 | PR Newswire
CryoLife, Inc. (NYSE: CRY), a biomaterials and biosurgical device company, today reported that on Monday, October 25, 2004, it agreed to a binding settlement of three general liability lawsuits pending in the Multnomah Circuit Court in Oregon.
Additionally, the Company settled one product liability case and two product liability claims
since June 30, 2004.
As a result of these settlements and the evaluation of all other outstanding litigation and claims at September 30, 2004, the Company
has recorded a net increase of $2.4 million to its legal liability reserves for asserted product liability and similar claims.
This amount will be reflected in the Company's general, administrative and marketing expenses for the three months ended September 30, 2004.