Izard Nobel LLP Announces Class Action Lawsuit Against CardioNet, Inc.
August 28 2009 - 2:52PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Eastern District of
Pennsylvania on behalf of those who purchased the common stock of
CardioNet, Inc. ("CardioNet" or the "Company") (NASDAQ: BEAT)
between April 30, 2009 and June 30, 2009, inclusive (the "Class
Period").
The Complaint charges that CardioNet and certain of its officers
and directors violated federal securities laws. Specifically,
defendants failed to disclose the following: (i) that the Company
was experiencing reductions in its reimbursement rates for its
Mobile Cardiac Outpatient Telemetry ("MCOT") services and that
these reimbursement rates were under review by payors; (ii) a
reduction in rates could result in the Company's current
independent business model not being economically viable; and (iii)
defendants' financial outlook for 2009, 2010 and 2011 had no
reasonable basis in fact because it was based on the current rate
for the MCOT system, which defendants knew was likely to be reduced
because of the cost-driven reimbursement environment which was
driving down virtually all reimbursement levels set by commercial
providers.
If you are a member of the class, you may, no later than October
26, 2009, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/cardionet/, or contact Izard Nobel LLP
toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa Wayne Boulton (800) 797-5499
www.izardnobel.com Email Contact
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