IMPORTANT CARDIOVASCULAR SYSTEMS, INC. SHAREHOLDER ALERT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Securiti...
February 19 2016 - 6:00PM
Wolf Haldenstein Adler Freeman & Herz LLP announces that a
class action lawsuit has been filed in United States District Court
for the Central District of California 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").
Shareholders who incurred losses on
Cardiovascular Systems, Inc. securities purchased within the class
period are urged to contact the firm immediately at
classmember@whafh.com or (800) 575-0735 or (212)
545-4774.
If you purchased shares of Cardiovascular Systems,
Inc. within the period September 12, 2011 and January 21, 2016,
inclusive, you may, no later than April 12, 2016,
request that the Court appoint you lead plaintiff of the proposed
class.
The filed shareholder class action complaint
alleges that the defendants 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.
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.
Wolf Haldenstein has extensive experience in the
prosecution of securities class actions and derivative litigation
in state and federal trial and appellate courts across the
country. The firm has attorneys in various practice areas;
and offices in New York, Chicago and San Diego. The
reputation and expertise of this firm in shareholder and other
class litigation has been repeatedly recognized by the courts,
which have appointed it to major positions in complex securities
multi-district and consolidated litigation.
If you wish to discuss this action or have any
questions regarding your rights and interests in this case, please
immediately contact Wolf Haldenstein Adler Freeman & Herz LLP
by telephone at (800) 575-0735, via e-mail at
classmember@whafh.com, or visit our website at www.whafh.com.
All e-mail correspondence should make reference to the “CSI
Investigation.”
Attorney Advertising. Prior results do not
guarantee or predict a similar outcome.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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