ITC Initiates Proceedings Against Nidek.SANTA CLARA, Calif.--(BW HealthWire)--Feb. 25, 1999--VISX, Inc. (Nasdaq NM:VISX) today announced that the United States International Trade Commission (ITC ITC (Brit) n abbr (= Independent Television Commission) → Fernseh-Aufsichtsgremium ITC n abbr (BRIT) (= Independent Television Commission) → ) has instituted an investigation of the activities of Nidek Co. Ltd. of Japan, and its United States subsidiaries, related to the importation and sale of the Nidek excimer laser A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. system used for laser vision correction. The ITC's investigation will determine whether Nidek and its subsidiaries have violated Section 337 of the Tariff Act of 1930, as amended, by importing into the United States and selling laser vision correction systems that infringe VISX-owned United States Letter Patent Nos. 4,718,418, 4,732,148 and 5,711,762. The investigation was initiated by the ITC in response to a complaint filed by VISX. If the ITC determines that violations have occurred, it may issue an order permanently excluding the entry into and sale within the United States of the infringing laser vision correction systems and all subassemblies and component parts thereof. The ITC may also issue a cease and desist order An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. against Nidek and its subsidiaries, as well as certain others, prohibiting the sale, service, maintenance and repair of the Nidek laser system and its subassemblies and component parts in the United States. The ITC is expected to announce by mid-April a target date for completion of the investigation against Nidek. An initial determination by the administrative law judge administrative law judge n. a professional hearing officer who works for the government to preside over hearings and appeals involving governmental agencies. They are generally experienced in the particular subject matter of the agency involved or of several agencies. could be issued as early as November 1999. Either party can seek review of the initial determination by the full Commission. Final determination by the full ITC could occur as early as February 2000. The foregoing information regarding future developments in the ITC action against Nidek is forward looking within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Because of various risks and uncertainties, particularly those related to government proceedings and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , actual strategies and results in future periods may differ materially from those currently expected. Additional discussion of factors affecting the Company's business is contained in the company's most recent filings with the Securities and Exchange Commission, including VISX's Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1997 and Form 10-Q for the period ended Sept. 30, 1998. VISX is the worldwide leader in the development of refractive refractive capacity to refract light. refractive error a difference between the focal length of the cornea and lens, and the length of the eye, resulting in myopia or hyperopia. laser technology. VISX systems are commercially available in the United States and markets worldwide. |
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