A federal judge has dismissed a shareholder lawsuit that alleged that Tucson-based startup Accelerate Diagnostics Inc. misrepresented its technology to rapidly detect and identify infectious pathogens.
The U.S. District Court Judge Steven P. Logan dismissed the March 2015 lawsuit, which had sought class-action status, after finding that the plaintiffs failed to to meet the legal burden to prove that Accelerate misled investors or that company executives knew false information was being released. Accelerate had filed a motion to dismiss the case on grounds the plaintiffs had failed to state a claim.
Logan dismissed the entire case with prejudice, meaning it cannot be refiled, and no attorney fees were awarded.
Accelerate shares closed Thursday at $11.49, down 88 cents or about 7 percent, in trading on the Nasdaq. The stock has traded as low as $10.29 and as high as $31.29 in the past year.
