Hagens Berman Sobol Shapiro: Class Action Filed Against Spe... (lead attorney and partner at Hagens Berm...)

Hagens Berman Sobol Shapiro: Class Action Filed Against Spectranetics

Date:10/29/2008

lead attorney and partner at Hagens Berman Sobol Shapiro. "Spectranetics, like many companies, fell prey to a bad market and unfortunately decided to mislead investors to try and turn things around."

The lawsuit seeks to represent anyone who purchased or acquired company stock between April 19, 2007 and Sept. 4, 2008.

The lawsuit alleges company executives issued false and misleading statements concerning operations and finances, which caused company stock to trade at an artificially inflated price. Defendants knowingly shared misinformation and failed to communicate accurate reports, the complaint states.

The shock came to investors on Sept. 4, 2008 when reports surfaced that federal officials raided the company. Almost immediately, NASDAQ halted trading of Spectranetics stock.

According to court documents, Spectranetics issued a press release revealing more information about the search warrants, disclosing the company was jointly served by the FDA and U.S. Immigration and Customs Enforcement regarding the promotion, use, testing, marketing and sales of certain Spectranetics products. The warrants also addressed payments made to medical personnel.

The suit claims the effect on company stock was significant as it fell 47 percent to $4.73 per share. Today the company stock stands at $2.74, after trading at a high of $16.00 per share in December 2007.

The allegations against Spectranetics include: failing to notify investors and the public that the company lacked effective regulatory compliance controls; illegally and extensively marketing its laser and catheters for uses not approved by the FDA; failing to report to the FDA that tests found its laser caused significant damage to stents when used in clinical trials; illegally testing several products without FDA approval; the company's lack of effective internal controls and the material inflation of the company's financial results.

The complaint alleges the defendants,
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