RADNOR, Pa., Feb. 18, 2016 /PRNewswire/ -- The law firm
of Kessler Topaz Meltzer & Check, LLP announces that a
shareholder class action lawsuit has been filed against
Cardiovascular Systems, Inc. (NASDAQ: CSII) ("CSI" or the
"Company") on behalf of purchasers of the Company's securities
between September 12, 2011 and
January 21, 2016, inclusive
(the "Class Period").
CSI shareholders who wish to discuss this action and their legal
options are encouraged to contact Kessler Topaz Meltzer &
Check, LLP (Darren J. Check, Esq.,
D. Seamus Kaskela, Esq. or
Adrienne O. Bell, Esq.) at (888)
299-7706 or at info@ktmc.com.
For additional information about this lawsuit, or to request
information about this action online, please visit
https://www.ktmc.com/new-cases/cardiovascular-systems-inc.
CSI is a medical technology company that develops, manufactures,
and markets devices to treat vascular diseases, such as Peripheral
Arterial Disease ("PAD"). The Company sells its products directly
to hospitals, doctors, and office-based labs.
The shareholder class action complaint alleges that CSI and
certain of its executive officers made a series of false and
misleading statements to investors and failed to disclose material
adverse facts about the Company's business, operations, and
prospects. Specifically, the defendants are alleged to have
made materially false and misleading statements to investors and/or
failed to disclose that: (1) CSI distributed illegal kickbacks to
health care providers; (2) CSI engaged in the off-label promotion
of its medical devices; and (3) CSI violated the Food and Drug
Administration's laws and regulations in connection with its
medical devices.
As more fully detailed in the shareholder class action
complaint, on May 9, 2014, CSI
disclosed that it had received a letter from the U.S. Attorney's
Office for the Western District of North
Carolina reporting that the U.S. Attorney was investigating
whether the Company had violated the False Claims Act.
Following this news, shares of CSI's stock fell $1.62 per share, or over 5%, to close at
$27.43 per share on May 12, 2014.
On October 7, 2015, CSI reported
disappointing First Quarter 2016 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." Following this news,
shares of CSI's stock fell an additional $3.01 per share, or approximately 18%, to close
at $13.62 per share on October 8, 2015.
Finally, on January 21, 2016, CSI
reported disappointing Second Quarter 2016 financial results, again
"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." Following this news, shares of CSI's
stock fell an additional $3.72 per
share, or nearly 30%, to close at $8.74 per share on January
22, 2016.
If you wish to discuss this action or have any questions
concerning this notice or your rights or interests with respect to
these matters, please contact Kessler Topaz Meltzer & Check
(Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299–7706 or
(610) 667–7706, or via e-mail at info@ktmc.com
CSI shareholders who purchased their securities during the
Class Period may, no later than April 12,
2016, petition the Court to be appointed as a lead plaintiff
of the class.
A lead plaintiff is a representative party who acts on behalf of
other class members in directing the litigation. Members of
the purported class may petition the Court to be appointed as a
lead plaintiff through Kessler Topaz Meltzer & Check or other
counsel, or may choose to do nothing and remain an absent class
member. In order to be appointed as a lead plaintiff, the
Court must determine that the class member's claim is typical of
the claims of other class members, and that the class member will
adequately represent the class in the action. Your ability to
share in any recovery is not affected by the decision of whether or
not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in
state and federal courts throughout the country. Kessler
Topaz Meltzer & Check 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.
The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the
government and share in the recovery of government dollars).
The complaint in this action was not filed by Kessler Topaz Meltzer
& Check. For more information about Kessler Topaz Meltzer
& Check, or for additional information about participating in
this action, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
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SOURCE Kessler Topaz Meltzer & Check, LLP