Sientra Announces Settlement of Lawsuit

Sientra (NASDAQ:SIEN) entered a comprehensive settlement agreement with mutual IP ownership and contract disputes with its former breast implant contract manufacturer, Silimed-Indústria de Implantes.
As quoted in the press release:

The settlement resolves all claims that the parties filed against each other, and clears the path for Sientra to execute on its going-forward plans, unencumbered and undistracted by these disputes.  Details of the settlement can be found in the form 8K filed today with the Securities and Exchange Commission by the Company.

Jeffrey M. Nugent, Chairman and Chief Executive Officer of Sientra, said, “We are pleased to enter this settlement agreement, which ends the disputes between the two companies. We view the settlement as an attractive conclusion for Sientra, with a net positive impact on our strategic plans.  Our actual expense and cash outlay is significantly lower when accounting for the savings from ongoing legal costs associated with taking both the litigation and arbitration lawsuits through to trial.  We look forward to moving our business forward without the distraction of these issues and focus on the many strategic opportunities in front of us.”

Click here to read the full press release.

Source: globenewswire.com