Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against CardioNet, Inc.

Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/cardionet/) today announced that a class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of CardioNet, Inc. (“CardioNet”) (NASDAQ:BEAT) common stock during the period between April 30, 2009 and July 10, 2009 (the “Class Period”).

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from August 27, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs’ counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/cardionet/. Any member of the putative 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.

The complaint charges CardioNet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CardioNet provides continuous, real-time ambulatory outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements concerning the Company’s Mobile Cardiac Outpatient Telemetry (“MCOT™”) device, including making aggressive projections for 2009 through 2011. Defendants further downplayed the potential for Pennsylvania’s Medicare carrier, Highmark Medicare Services (“Highmark”), to reduce its reimbursement rate for the Company’s MCOT™ device. As a result of defendants’ false and misleading statements, CardioNet stock traded at artificially inflated prices during the Class Period, reaching a high of $19.60 per share on May 19, 2009.

On June 30, 2009, CardioNet announced that it was lowering its full year 2009 guidance and withdrawing its 2010 and 2011 guidance based on lower-than-anticipated commercial reimbursement rates for its MCOT™ device. On this news, CardioNet’s shares fell $6.75 per share from $16.32 per share on June 30, 2009, to close at $9.57 per share on July 1, 2009, a one-day decline of 41%. Then, on July 12, 2009, CardioNet announced that it was withdrawing its full year 2009 guidance based on a drastic reduction in its reimbursement rate by Highmark. As a result, CardioNet’s stock fell another $2.96 per share to close at $5.87 per share on July 13, 2009 – a one-day decline of 34%.

Plaintiffs seek to recover damages on behalf of all purchasers of CardioNet common stock during the Class Period (the “Class”). The plaintiffs are represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.

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