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Bernstein Liebhard LLP Announces That a Class Action Has Been Filed Against Intuitive Surgical, Inc.
Date:6/5/2013

NEW YORK, June 5, 2013 /PRNewswire/ -- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of all those who purchased shares of Intuitive Surgical, Inc. (NASDAQ: ISRG) ("Intuitive" or the "Company") between October 19, 2011 and April 18, 2013, inclusive (the "Class Period").

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The complaint charges Intuitive and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Intuitive manufactures robotic surgical systems, most notably the da Vinci Surgical System, which allows laparoscopic surgery to be performed remotely using robotic manipulators.

The complaint alleges that throughout the Class Period, defendants issued a series of materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while also announcing quarter after quarter of record financial results. As a result of defendants' efforts to conceal significant safety and efficacy problems with the da Vinci Surgical System and their false statements concerning the Company's business metrics and financial prospects, Intuitive stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of nearly $595 per share in intraday trading on April 18, 2012. While the Company's stock was artificially inflated during the Class Period, the Company's senior executives sold close to 410,000 shares of their personally held Intuitive stock for proceeds of more than $218.6 million.

On March 5, 2013, Bloomberg disclosed that its review of pleadings in at least ten lawsuits filed agai
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SOURCE Bernstein Liebhard LLP
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