LIVN - LivaNova sinks on legal setback in Italy

LivaNova (LIVN -7.6%) has recorded the biggest intra-day loss since July 2020 in reaction to the company’s disclosure of a ruling by the Court of Appeal of Milan ((CoA)) where it was asked to pay damages to the tune of €453 million (nearly $519 million). In a civil action lawsuit, CoA has ruled that– formed through a merger with Sorin – was liable with SNIA, a former parent company of Sorin, for environmental liabilities caused by the latter’s other subsidiaries. The company plans to appeal the court ruling. “LivaNova strongly disagrees with the decision and will vigorously pursue all available remedies, including an appeal to the Italian Supreme Court,” LivaNova (NASDAQ:LIVN) said. A spin-off from SNIA, Sorin, was merged with the company in 2014.

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LivaNova sinks on legal setback in Italy