FDAnews Device Daily Bulletin

CYBERONICS DOWNGRADED ON STOCK OPTIONS

June 9, 2006
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Shares of medical-device maker Cyberonics Inc. tumbled in Thursday morning trading after an analyst said past stock options granted to executives showed "unusual activity." SunTrust Robinson Humphrey analyst Amit Hazan said in a note he analyzed all the companies he covers and found that Cyberonics granted options to three executives, including Chief Executive Skip Cummins, on June 15, 2004, while the stock was halted just after a Food and Drug Administration panel recommended approval of the company's pacemaker-like medical device, VNS Therapy, to treat major depression.
The Houston Chronicle