CardioNet, Inc. Provides Update on Litigation
August 11 2010 - 6:10PM
Business Wire
CardioNet, Inc. (NASDAQ:BEAT), a leading wireless medical
technology company with a current focus on the diagnosis and
monitoring of cardiac arrhythmias, announced today that on August
10, 2010, the United States District Court for the Eastern District
of Pennsylvania granted the Company’s motion to dismiss the
securities class action litigation filed in August 2009 against the
Company and certain of its former officers.
Joe Capper, President and Chief Executive Officer, stated, “We
are pleased with the Court’s ruling and believe that the facts in
the case clearly supported the Company’s position.”
About CardioNet
CardioNet is a leading provider of ambulatory, continuous,
real-time outpatient management solutions for monitoring relevant
and timely clinical information regarding an individual’s health.
CardioNet’s initial efforts are focused on the diagnosis and
monitoring of cardiac arrhythmias, or heart rhythm disorders, with
a solution that it markets as Mobile Cardiac Outpatient TelemetryTM
(MCOT™). More information can be found at
http://www.cardionet.com.
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the “Safe Harbor” provisions of the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our growth prospects, the prospects for our products and
our confidence in the Company’s future. These statements may be
identified by words such as “expect,” “anticipate,” “estimate,”
“intend,” “plan,” “believe,” ”potential,” “promises” and other
words and terms of similar meaning. Such forward-looking statements
are based on current expectations and involve inherent risks and
uncertainties, including important factors that could delay,
divert, or change any of them, and could cause actual outcomes and
results to differ materially from current expectations. These
factors include, among other things, any appeal by the plaintiff in
the class action of the court decision discussed above, the
potential for CMS’ re-evaluation of its proposal for carrier
pricing of mobile cardiovascular telemetry during the public
comments period prior to CMS’ final ruling, the success of our
efforts to address the operational issues, including cost savings
initiatives, changes to reimbursement levels for our products and
the success of our attempts to work with CMS to achieve a national
rate for mobile cardiovascular telemetry, the success of our sales
and marketing initiatives, our ability to attract and retain
talented executive management and sales personnel, our ability to
identify acquisition candidates, acquire them on attractive terms
and integrate their operations into our business, the
commercialization of new products, market factors, internal
research and development initiatives, partnered research and
development initiatives, competitive product development, changes
in governmental regulations and legislation, the continued
consolidation of payors, acceptance of our new products and
services and patent protection and litigation. For further details
and a discussion of these and other risks and uncertainties, please
see our public filings with the Securities and Exchange Commission,
including our latest periodic reports on Form 10-K and 10-Q. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
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