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Shareholder Class Action Filed Against NeuroMetrix Inc. by The Law Firm of Schiffrin Barroway Topaz & Kessler, LLP
Date:3/27/2008

nd raising payment issues, for procedures using the NC-stat System; (2) that field practitioners had raised serious concerns about the NC-stat System's efficacy; (3) that the Company had not applied for its own insurance billing code, but instead had instructed doctors to use billing codes for competing needle procedures; (4) that the Company was giving kickbacks to doctors by providing free sensors in exchange for referring other doctors to the NC-stat System; (5) that the Company lacked adequate internal and financial controls; and (6) that the Company's financial statements were materially false and misleading at all relevant times.

On March 6, 2007, investors were shocked when The Boston Globe reported that federal prosecutors were investigating NeuroMetrix regarding possible fraud and for kickbacks the Company gave to doctors who recommended NeuroMetrix's product. Additionally, the article disclosed that the Company had not sought new billing codes for its NC-stat System, but rather had instructed doctors to use codes reserved for a different, more invasive procedure. On this news, the Company's shares fell $0.84 per share, or 7.62 percent, to close on March 6, 2007 at $10.18 per share, on unusually heavy trading volume. The Company's shares continued to decline the following day, falling an additional $0.73, or 7.17 percent, to close on March 7, 2007 at $9.45.

The Boston Globe article was the first in a series of shocking news articles which had disastrous effects on the Company's shares. Also, revelations by the Company had a detrimental impact on its shares. For example, on March 28, 2007, the Company announced that its financial statements for fiscal years 2002 through 2005, as well as the first three quarters of 2006 could no longer be relied upon, as it had failed to collect and remit sales taxes from customers in a number of states. As a result, the Company was forced to record sales tax liability. Additionally, the Company disclosed that a
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SOURCE Schiffrin Barroway Topaz & Kessler, LLP
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