SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Cardiovasc...
February 17 2016 - 4:57PM
Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Cardiovascular
Systems, Inc. (NASDAQ:CSII)?
- Did you purchase your shares between September 12, 2011
and January 21, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a
complaint has been filed in the United States District Court for
the Central District of California on behalf of all persons or
entities that purchased the common stock of Cardiovascular Systems,
Inc. (“CSI” or the “Company”) (NASDAQ:CSII) between September 12,
2011 and January 21, 2016, inclusive (the “Class Period”), alleging
violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the “Complaint”).
If you purchased shares of CSI during the Class
Period, or purchased shares prior to the Class Period and still
hold CSI, and wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact
Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky &
Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at
(888) 969-4242; by e-mail to info@rl-legal.com; or at:
http://rigrodskylong.com/investigations/cardiovascular-systems-inc-csii.
The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements,
and omitted materially adverse facts, about the Company’s business,
operations and prospects. As a result of defendants’ alleged
false and misleading statements, the Company’s stock traded at
artificially inflated prices during the Class Period.
According to the Complaint, on January 21, 2016,
CSI disclosed during aftermarket hours that it expects revenue from
its 2016 fiscal second quarter to be $41.4 million, a 4% decrease
from the second quarter of fiscal 2015, and 3% below the guidance
range due to the continued effects of the sales force transition.
Similarly, like the financial results disclosed on October 7,
2015, the Company reported disappointing financial results due to
the continued reformation of its sales force, which was a
materialization of the Company’s receipt of the letter from the
U.S. Attorney’s Office for the Western District of North Carolina
stating that it is investigating the Company to determine whether
the Company has violated the False Claims Act.
On this news, the market price of CSI common
stock dropped almost 30%, closing at $8.74 per share on January 22,
2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must
move the Court no later than April 12, 2016.
A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. Any member
of the proposed class may move the court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and
remain an absent class member.
Attorney advertising. Prior results do not
guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
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