Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Martin Moylan

Investors punish Vascular Solutions following indictment

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

Investors Friday dumped shares of Maple Grove-based Vascular Solutions Inc. following news of a federal grand jury indictment against the company and its CEO.

The company's share price dropped about 20 percent in heavy trading Friday morning and afternoon.

The indictment accuses the company and its top executive of conspiring to market a medical device for unapproved uses to treat vein problems.

"Wall Street doesn't like surprises and they particularly don't like negative surprises," said Thom Gunderson, an analyst with the investment firm Piper Jaffray. "No matter what the facts turn out to be and who wins in the legal battle, the headline that a company and its CEO have been indicted by a federal grand jury just doesn't play well."

It was surprising that federal prosecutors focused on a product that accounted for just one tenth of one percent of the company's sales over seven years, he said, adding it could take years for the matter to be resolved.

Vascular Solutions says the allegations are false and stem from a misguided investigation.