WAYNE, Pa., Feb. 26, 2016 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in United States District Court for the Central District of
California on behalf of all
persons or entities that purchased Cardiovascular Systems, Inc.
(NASDAQ: CSII) ("CSI" or the "Company") securities between
September 12, 2011 and January 21, 2016, inclusive (the "Class
Period").
CSI shareholders may, no later than April
12, 2016, move the Court for appointment as a lead plaintiff
of the Class. If you purchased shares of CSI and would like
to learn more about these claims or if you wish to discuss these
matters and have any questions concerning this announcement or your
rights, contact Richard A. Maniskas,
Esquire toll-free at (877) 316-3218 or to sign up online,
visit: www.rmclasslaw.com/cases/csii.
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 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 are a member of the class, you may, no later than
April 12, 2016, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed 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.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
For more information regarding this, please contact Ryan &
Maniskas, LLP (Richard A. Maniskas,
Esquire) toll-free at (877) 316-3218 or by email at
rmaniskas@rmclasslaw.com or visit:
www.rmclasslaw.com/cases/csii. For more information about
class action cases in general or to learn more about Ryan &
Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/csii
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP