Why Shares Of Accelerate Diagnostics Jumped 10% On Friday
Accelerate Diagnostics Inc (NASDAQ: AXDX), an in-vitro diagnostics company providing solutions to improve patient outcomes and lower healthcare costs, was one of Wall Street's top performing stocks on Friday.
Shares of Accelerate Diagnostics opened for trading at $14.28 and hit an intra-day high of $15.70. By mid-afternoon, the stock was trading at $15.08, up 6.35 percent on the day.
Accelerate Diagnostics announced earlier in the morning that the U.S. District Court for the District of Arizona granted the company's "Motion to Dismiss" a class action lawsuit filed against it in March, 2015.
A class action suit from shareholders alleged Accelerate Diagnostics's management intentionally misled investors regarding the capabilities of its rapid diagnostic platform.
By granting the motion, the court ordered that the action be dismissed with prejudice in its entirety.
Steve Schatz of Wilson Sonsini represented Accelerate Diagnostics and stated, "This was a case that should never have been brought and was utterly without merit. The Judge clearly did the right thing."
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