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Hagens Berman Sobol Shapiro: Class Action Filed Against Spectranetics
Date:10/29/2008

Spectranetics Replaces President and CEO John G. Schulte with Chairman

Emile J. Geisenheimer.

SEATTLE, Oct. 29 /PRNewswire/ -- Hagens Berman Sobol Shapiro filed a class-action lawsuit on behalf of those who purchased Spectranetics Company stock (Nasdaq: SPNC), claiming the company, its chief executive officer and chief financial officer violated U.S. securities laws through illegal marketing practices and false statements about the company's financial health. If you are interested in serving as lead plaintiff, the deadline for filing is Nov. 24, 2008.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080317/AQM144LOGO)

Last week, Spectranetics announced the appointment of chairman Emile J. Geisenheimer to president and CEO, ousting John G. Schulte, a named defendant in the class action suit. Geisenheimer issued a statement that he has an "understanding of the challenges before us, and the board of directors and I are confident that we are taking an important step towards putting these challenges behind us so that we can build a stronger future for our company."

The class action was filed after a former employee filed suit against the company claiming Spectranetics fired him after he informed senior management of potentially illegal marketing practices with some of the company's products.

According to court documents, shortly thereafter, the Denver office of the Securities and Exchange Commission (SEC) began its own investigation into the company sparking further speculation about the company and its practices.

"Investors across the country are on shaky ground these days," said Reed Kathrein,
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SOURCE Hagens Berman Sobol Shapiro
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