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Avinger settles lawsuit for $5M

Avinger Inc. settled an ongoing class-action lawsuit by the company's investors for a total of $5 million.

The securities class action was filed against Avinger and several of its officers and directors.

The settlement is subject to final documentation, notice to class members, and approval of the court.

Avinger had been in discussion with the plaintiffs despite not having reached a settlement with the parties Feb. 8 after taking part in a mediation.

The Redwood City, Calif.-based medical device company will contribute $1.8 million to the settlement amount.