SAN DIEGO and COLORADO SPRINGS, Colo., Sept. 1, 2015 /PRNewswire/ -- Shareholder
rights law firm Robbins Arroyo LLP announces that a securities
fraud class action complaint was filed in the U.S. District Court
for the District of Colorado. The complaint alleges that
officers and directors of The Spectranetics Corporation (NASDAQGS:
SPNC) violated the Securities Exchange Act of 1934 between February 19 and July 23, 2015, by making
materially false and misleading statements about Spectranetics'
business prospects. Spectranetics, together with its subsidiaries,
develops, manufactures, markets, and distributes single-use medical
devices used in minimally invasive procedures in the cardiovascular
system.
View this information on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/the-spectranetics-corporation
Spectranetics Fails to Disclose Declining Competitive
Position
According to the complaint, Spectranetics officials failed to
disclose that the company was being negatively impacted by
increasing competition and that its sales force optimization
efforts were inadequate. Further, the complaint alleges that
the company was performing below expectations and that it lacked
adequate internal controls. These material misstatements and
omissions created an unrealistically positive assessment of the
company and its financial well-being, thus causing the company's
securities to be overvalued and artificially inflated.
On February 19, 2015,
Spectranetics issued a press release, stating, "Our competitive
position is stronger than ever and we believe it will continue to
improve over time." However, on April
23, 2015, the company reported disappointing earnings
results and lowered its forecasts for the rest of the year, which
it attributed to increased competition from other drug-coated
balloon products. On this news, Spectranetics stock declined
$8.18 per share, or over 23%, to
close at $26.52 per share on
April 24, 2015. Then, on July 23, 2015, the company lowered revenue
guidance for the remainder of 2015 due to competitive pressure from
the rapid adoption of drug-coated balloons. On this news,
Spectranetics stock declined further by $8.53 per share, or over 34%, to close at
$16.30 per share on July 24, 2015.
Spectranetics Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, DDonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP