Levi & Korsinsky, LLP Announces Class Action Lawsuit Against CardioNet, Inc. - BEAT
September 16 2009 - 4:01PM
Marketwired
Levi & Korsinsky announces that a class action lawsuit has been
filed in the United States District Court for the Eastern District
of Pennsylvania on behalf of purchasers of the common stock of
CardioNet, Inc. ("CardioNet" or the "Company") (NASDAQ: BEAT)
during the period between April 30, 2009 and June 30, 2009,
inclusive (the "Class Period").
The complaint alleges that CardioNet and certain of its officers
and directors violated the Securities Exchange Act of 1934 by
failing to disclose during the Class Period that the Company was
experiencing reductions in its reimbursement rates for its MCOT
services, that these reimbursement rates were under review by
payors, that a reduction in rates could result in the Company's
current independent business model not being economically viable
and that, as a result, the Company's financial outlook for 2009,
2010 and 2011 had no reasonable basis in fact. After it became
known that the reimbursement rates for its MCOT services were under
review by payors and were likely to be reduced, the value of
CardioNet's stock declined significantly.
If you purchased CardioNet common stock during the Class Period
and wish to serve as lead plaintiff, you must move the court by
October 26, 2009. A lead plaintiff is a representative party acting
on behalf of other class members in directing the litigation. You
do not need to seek appointment as a lead plaintiff in order to
share in any recovery.
If you wish to obtain additional information, please contact us
at the number listed below or visit
http://www.zlk.com/beat1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard
Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004
Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
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