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August 11, 2003 at 08:00 PM
LINCOLNSHIRE, Ill. (HedgeWorld.com)–Aksys Ltd. announced that it has filed a lawsuit against hedge fund Durus Capital Management LLC, Norwalk, Conn., and against its principal Scott Sacane and related parties in federal district court in Connecticut.
The complaint, filed Aug. 5, seeks injunctive relief and damages resulting from the accumulation of 70% of Aksys’ stock in late July in transactions that Durus, in its filings with the Securities and Exchange Commission, has described as “inadvertent.” Aksys also seeks the recovery of trading profits under section 16(b) of the Securities Exchange Act of 1934, the short-swing rule.
In an analysts’ conference call Wednesday morning, company President Bill Dow said that Mr. Sacane has said he will be a passive investor and added that the company has, as of now, no reason to disbelieve that assertion, but he must act to protect the interests of the corporation and its other shareholders.
