Cybex to appeal $66 million jury verdict against the company

Cybex International, Inc. (NASDAQ: CYBI) reported that a $66,000,000 jury verdict has been rendered in the product liability litigation, Barnhard v. Cybex International, Inc. The company will appeal the verdict.
Author:
Updated:
Original:

MEDWAY, MA, December 8, 2010 – Cybex International, Inc. (NASDAQ: CYBI), a leading manufacturer of premium exercise equipment, reported today that a $66,000,000 jury verdict has been rendered in the product liability litigation, Barnhard v. Cybex International, Inc.The verdict was apportioned 75% to CYBEX, 20% to Amherst Orthopedic Physical Therapy, P.C.and 5% to the plaintiff.Under New York law, CYBEX would be responsible for 95% of the verdict but may collect 20% of the verdict from Amherst Orthopedic.CYBEX management is extremely disappointed in this verdict, which it does not believe is supported by the facts or the law, and stated that it will pursue all available options, including post-trial motions and appeal.

The plaintiff in Barnhard was rendered a quadriplegic after she pulled a CYBEX weight machine over on herself.CYBEX Chairman and CEO John Aglialoro stated:“This piece of equipment has been in continuous operation for over 25 years in the same facility as Ms. Barnhard was injured to the current date, with no incidents reported other than this one event.We strongly believe that CYBEX was not negligent and is in no way responsible for this tragic accident.We will vigorously pursue all avenues to attain a reversal of this verdict.”

CYBEX management in consultation with counsel is analyzing the impact of the verdict on the Company and its financial condition.CYBEX’s available insurance coverage for this claim is currently less than $4 million.The amount of the required fourth quarter addition to the Company’s litigation reserve will be determined as the post-trial motion process proceeds.

About CYBEX

Cybex International, Inc. is a leading manufacturer of premium exercise equipment primarily for commercial use. The CYBEX product line, including a full range of strength and cardio training machines, is designed using exercise science to reflect the natural movement of the human body. Led by the Cybex Institute for Exercise Science, CYBEX fitness equipment is engineered to produce optimal results for users from the first-time exerciser to the professional athlete. Products are available for a wide range of facilities, from commercial health clubs to home gyms, and are sold in more than 85 countries worldwide. For more information on CYBEX and its product lines, visit the Company’s website at www.cybexintl.com.

Related

CybexLogo.jpg

Cybex receives delisting notice as it readies to appeal $66 million jury verdict

Cybex International has received a mandatory notice from the Nasdaq exchange where it trades (CYB), noting it has fallen below the standards to remain listed. The stock price has sunk below the Nasdaq’s minimum of $1 for 30 consecutive days -- a plunge taken immediately following ...read more

Fitness financials: Cybex ruled liable in $66 million jury verdict, plus Forzani Group, Costco, Iconix

Cybex ruled liable in $66 million jury verdict A jury has ruled against Cybex Int’l (Nasdaq: CYBI) in a product liability lawsuit that left a New York woman paralyzed, awarding her nearly $66 million after an eight-week jury trial -- an award that could bankrupty if it stands, an ...read more

CybexLogo.jpg

Jury verdict against Cybex reduced to $44 million

A New York appeals court has reduced a near $66 million jury verdict faced by fitness equipment manufacturer Cybex to $44 million. The ruling by the Appellate Division, Fourth Judicial Department, of the Supreme Court of the State of New York in the case of Natalie Barnhard vs. ...read more

CybexLogo.jpg

Cybex post-trial motions don’t convince judge to change $66 million verdict; appeal process starts as business continues

Cybex is preparing its appeal of the $66 million jury verdict against it in a product liability lawsuit. The appeal of the Dec. 7, 2010, ruling should be formally filed with the appellate division of the Supreme Court of the State of New York in 30 days or less, COO Art Hicks ...read more

Cybex opens new $15 million facility in Owatonna, MN

MEDWAY, MA, July 17, 2007 -- Cybex International, Inc. (NASDAQ: CYBI) today announced that it has opened a new, $15 million, 340,000 square foot eco-friendly manufacturing facility in Owatonna, MN. A leading manufacturer of premium exercise equipment for the commercial and ...read more

Cybex Announces Move to NASDAQ

MEDWAY, Mass. - Cybex International, Inc. (AMEX: CYB), a leading exercise equipment manufacturer, announced today that its application for listing its common stock on The NASDAQ Stock Market® (the "NASDAQ") has been approved. The Company expects to begin trading on the NASDAQ ...read more

Appellate court issues stay in Cybex product liability suit

CONTACT: Arthur W. Hicks, Jr. President and COO (508) 533-4300 FOR IMMEDIATE RELEASE Appellate court issues stay in Cybex product liability suit MEDWAY, MA, May 26, 2011 – Cybex International, Inc. (NASDAQ: CYBI), a leading manufacturer of premium exercise equipment, is ...read more

Cybex Worldwide Launch of 750T Treadmill and VR1 at IHRSA Show

MEDWAY, Mass.--Cybex International, Inc. (NASDAQ: CYBI - News), a leading exercise equipment manufacturer, recently launched their 750T Legacy treadmill and introductory 10-piece VR1 resistance line at the International Health, Racquet & Sportsclub Association (IHRSA) trade show, ...read more

John McCarthy Joins Cybex International Board of Directors

MEDWAY, Mass.-- Cybex International, Inc. (AMEX: CYB) announced today that John McCarthy, founder and recently retired Executive Director of IHRSA (International Health, Racquet & Sportsclub Association), has joined the CYBEX Board of Directors. During his 25 years of leadership, ...read more