Retractable Technologies Inc (RVP)

[Enterprising Investor]

Retractable Technologies, Inc. Reports Settlement of All Existing Litigation (5/07/19)

Source: Business Wire
Retractable Technologies, Inc. (NYSE American: RVP) reports that a settlement has been reached with both Becton, Dickinson and Company (“BD”) and MDC Investment Holdings, Inc. (“MDC”) to settle all existing litigation by and against Retractable. In 2007, Retractable sued BD for violations of antitrust acts, false advertising, product disparagement, tortious interference, unfair competition, and other matters. In 2007, BD and MDC sued Retractable for patent infringement. A settlement agreement, effective May 3, 2019, released all claims by Retractable against BD and MDC arising prior to May 3, 2019 and all claims by BD and MDC against Retractable arising prior to May 3, 2019. As a result, on May 6, 2019, the following actions were taken in each of the two cases: Retractable withdrew its petition before the U.S. Court of Appeals for the Fifth Circuit for an en banc rehearing; and the parties filed for a dismissal with prejudice in the U.S. District Court for the Eastern District of Texas, Texarkana Division. The settlement does not obligate either party to make any payment to the other and each party shall be responsible for its own costs and attorneys’ fees.

ABOUT RETRACTABLE

Retractable manufactures and markets VanishPoint® and Patient Safe® safety medical products and the EasyPoint® needle. The VanishPoint® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint® is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint® needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.

For more information on Retractable, visit its website at www.retractable.com.