SiliconBeat

Micrus Endovascular, the medical device maker whose shares took a dive last September when it lowered its guidance for its fiscal year ended March 31, seems to have convinced the judge hearing the securities class action law suit filed against it in October as a result that the action should be dismissed. On Friday, the judge did just that, according to a filing the San Jose company made Monday.

On September 17, Micrus issued a press release announcing that it was revising its
financial guidance and that it now expected fiscal 2008 revenues to as low as $65 million,
down from a previous forecast of between $80 million to $85 million because of expected
product approval delays in China as well as Japan and slower-than-anticipated sales in North
America. Micrus shares (MEND) dropped $6.20, or 26 percent, to $17.37 per share on the news on extremely heavy trading volume.

The suit accused the company of making “false and misleading statements” regarding its
sales in the months before it reduced its earnings targets.

Micrus makes implantable and disposable medical devices used to treat cerebral vascular
diseases associated with strokes and other conditions. It’s shares closed Monday at $12.10,
down more than a third so far this year but about 20 percent higher than the 52-week low they
touched in April.