GPM Commences Investigation of Cardiovascular Systems Inc.
October 14 2015 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that it is
investigating potential claims on behalf of investors of
Cardiovascular Systems Inc. (“Cardiovascular Systems” or the
“Company”) (NASDAQ: CSII) concerning the Company’s and its
officers’ possible violations of federal securities laws in
relation to a False Claims Act suit against the Company.
On May 9, 2015, Cardiovascular Systems revealed that it had
received a letter from the U.S. Attorney’s office stating that the
Company was under investigation for potential violations of the
False Claims Act. Then, on July 8, 2015, the Company further
revealed that it was the defendant in a whistleblower lawsuit
alleging the Company engaged in a fraudulent kickback scheme,
off-label promotion of its products and other violations of
government regulations and laws. On October 7, 2015, CSII disclosed
after trading hours that it expects revenues of $43.9 million for
the fiscal first quarter, well below prior revenue guidance of
between $48.5 to $50 million.
On this news the Company’s shares fell $3.01 per share, or 22%,
to close on October 8, 2015 at $13.62 per share on volume of over 7
million shares.
If you purchased Cardiovascular Systems securities, have
information or would like to learn more about these claims, or have
any questions concerning this announcement or your rights or
interests with respect to these matters, please contact Lesley
Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by e-mail to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by e-mail
please include your mailing address, telephone number and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20151014005399/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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