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| CombiMatrix CEO Mark McDonough |
Molecular diagnostics maker CombiMatrix ($CBMX) scored a victory in an insurance fraud lawsuit, as a California court issued a tentative ruling and proposed statement in favor of the company. The lawsuit, which was filed by a former CombiMatrix employee, accuses the Irvine, CA-based company, its former CEO and former partner Acacia Research of submitting false and fraudulent insurance claims to the National Union Fire Insurance Company. CombiMatrix and the plaintiff have 15 days to file any objections with the ruling, and the court will then have 60 days to hear additional arguments before it issues its final decision. "We are pleased with the Court's Proposed statement of Decision" CombiMatrix CEO Mark McDonough said in a statement. "Though we understand that there may be future legal hurdles to overcome, based on the Court's tentative decision, we are optimistic this matter will be resolved in favor of CombiMatrix in a timely fashion." Release