Then, on February 11, 2008, TheStreet.com reported that a meeting of the American Medical Association would likely result in minimal reimbursement to healthcare providers who used the Company's NC-stat System, and that the system would not be eligible for reimbursement under Medicare or Medicaid. The next day, the Company reported on these events, and reported that its revenues for the fourth quarter of 2007 were down from the previous year and previous quarter. The Company stated that it expected to continue to face "significant challenges" with regards to reimbursement of tests performed with the NC-stat System, and that this would continue to adversely impact their financial results.
On this news, the Company's shares fell $5.22 per share, or 49.15 percent, to close on February 11, 2008 at $5.40 per share, on unusually heavy trading volume. The next day, the Company's shares fell an additional $1.20 per share, or 22.22 percent, to close on February 12, 2008 at $4.20 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com
If you are a member of the class described above, you may, not later
than May 16, 2008, move the Court to serve as lead plaintiff of the class,
if you so choose. A lead plaintiff is a representative party tha
|SOURCE Schiffrin Barroway Topaz & Kessler, LLP|
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