Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against MAKO Surgical Corp.
May 11 2012 - 2:22PM
Business Wire
Rigrodsky & Long, P.A. announces that a complaint has been
filed in the United States District Court for the Southern District
of Florida on behalf of all persons or entities that purchased the
securities of MAKO Surgical Corp. (“MAKO Surgical” or the
“Company”) (NASDAQ GS: MAKO) between January 9, 2012 and May 7,
2012, inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of
its officers and directors (the “Complaint”).
If you purchased shares of MAKO Surgical during the Class
Period, or purchased shares prior to the Class Period and still
hold MAKO Surgical stock, and wish to discuss this action or have
any questions concerning this notice or your rights or interests,
please contact Timothy J. MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300,
Garden City, NY at (888) 969-4242, by e-mail to
info@rigrodskylong.com, or at:
http://www.rigrodskylong.com/investigations/mako-surgical-corp-mako.
MAKO Surgical, a Delaware corporation headquartered in Fort
Lauderdale, Florida, is a medical device company that markets its
RIO® Robotic Arm Interactive Orthopedic surgical platform,
MAKOplasty® joint specific applications, and proprietary RESTORIS ®
implants that together enable orthopedic surgeons to consistently,
reproducibly and precisely treat patient specific osteoarthritic
disease. The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements
regarding the Company’s business operations, financial condition
and prospects. Specifically, the Complaint alleges that defendants
misrepresented and omitted material facts concerning the success of
sales of the Company’s RIO systems, among other things, and issued
financial guidance for 2012 that lacked a reasonable basis when
made. As a result of defendants’ false and misleading statements,
the Company’s stock traded at artificially inflated prices during
the Class Period.
According to the Complaint, on May 7, 2012, the Company
announced its financial results for the first quarter of fiscal
2011. It reported that although revenue rose from the first quarter
2011, it dropped approximately 40% from the fourth quarter 2011 and
missed analysts’ consensus expectation by approximately 30%.
Specifically, RIO system revenue rose only 9% as the Company only
placed six of its RIO systems, missing the average analyst target
of nine placements. The Company pointed to “missed” orders and
lowered its recently-issued full-year 2012 placement guidance by
four units – more than the Company “missed” in the first quarter
2012. MAKO Surgical’s results were shocking considering, as
reported by Seeking Alpha, they were issued “at a time when
orthopedic companies like Stryker, Zimmer (ZMH), and Johnson &
Johnson (JNJ) have all talked about a stable, if not improving,
orthopedic procedure market. On this news, shares of MAKO Surgical
common stock dropped $15.13, closing at $26.27 per share on May 8,
2012.
If you wish to serve as lead plaintiff, you must move the Court
no later than July 9, 2012. A lead plaintiff is a representative
party acting 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. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead
plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in
this matter, the firm, with offices in Wilmington, Delaware and
Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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