Advanced Bionics to settle majority of current product liability claims
The settlements resolve the majority of the current "Vendor B"* claims against Advanced Bionics. The settled claims represent all product liability cases against Advanced Bionics handled by two U.S. law firms. The agreements include cases of minors which are subject to final court approval. They also include the case of Sadler v. Advanced Bionics, in which a trial was completed earlier this year in Kentucky but which was the subject of a pending post-trial motion and a potential appeal. The parties agreed to keep the settlement terms confidential. The terms of the settlements are in line with the underlying assumptions of the provision for such product liability claims, which covers the costs of existing and expected future claims. Sonova will continue to provide updates if and when required and relevant.
* Vendor B claims were brought by recipients of a cochlear implant affected by an issue related to the feedthrough assembly. This component was provided by one of two vendors (AstroSeal commonly referred to as 'Vendor B') and has not been used by the company since early 2006.
This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside Sonova’s control. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sonova undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
Sonova Holding AG
Sonova Holding AG, headquartered in Staefa, Switzerland, is the leading manufacturer of innovative hearing care solutions. The group operates through its core business brands Phonak, Unitron, Advanced Bionics and Connect Hearing. Sonova offers its customers one of the most comprehensive product portfolios in the industry – from hearing instruments to cochlear implants to wireless communication solutions. Founded in 1947, the group is currently present in over 90 countries across the globe and has a workforce of almost 9,000 dedicated employees. Sonova generated sales of CHF 1.8 billion in the financial year 2012/13 and a normalized net profit of CHF 309 million. By supporting the Hear the World Foundation, Sonova pursues its vision of a world where everyone enjoys the delight of hearing and therefore lives a life without limitations.
For more information please visit www.sonova.com and www.hear-the-world.com.
Sonova shares (ticker symbol:SOON, Security no: 1254978, ISIN: CH1012549785) have been listed on the SIX Swiss Exchange since 1994. The securities of Sonova have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or under the applicable securities laws of any state of the United States of America, and may not be offered or sold in the United States of America except pursuant to an exemption from the registration requirements under the U.S. Securities Act and in compliance with applicable state securities laws, or outside the United States of America to non-U.S. Persons in reliance on Regulation S under the U.S. Securities Act.
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