Robbins Umeda LLP Announces an Investigation of MAKO Surgical Corp.
May 11 2012 - 2:53PM
Business Wire
Shareholder rights firm Robbins Umeda LLP is investigating
possible breaches of fiduciary duty and other violations of the law
by certain officers and directors at MAKO Surgical Corp. (NASDAQ:
MAKO). Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Gregory E.
Del Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the
shareholder information form on the firm's website.
Robbins Umeda LLP is investigating whether officers and
directors of MAKO breached their fiduciary duties to shareholders
and the company by causing MAKO to issue improper statements
related to its business and operations. In particular, the firm is
examining allegations that MAKO misrepresented and omitted adverse
facts concerning the commercial success of the company's Robotic
Arm Interactive Orthopedic ("RIO") operative system, and issued
financial guidance for 2012 that lacked a reasonable basis.
On May 7, 2012, MAKO announced financial results for the first
quarter of 2012 that showed the company was performing well below
expectations. The company revealed that revenue for the first
quarter of 2012 dropped approximately 40% from the previous fiscal
quarter, missing analysts' consensus estimates by as much as 20%.
Additionally, MAKO disclosed that procedure volume on the RIO
system fell below analyst estimates by approximately 5%, and that
RIO system placements also missed analyst targets during the first
quarter of 2012. In conjunction with these disappointing results,
the company also lowered its full-year 2012 placement guidance for
its RIO system.
On this news, MAKO's market capitalization collapsed by nearly
37% in a single day. Since these allegations have surfaced, MAKO
has increasingly become the focus of costly public and legal
scrutiny, while deficient internal controls continue to threaten
the company's business prospects and intrinsic value for
shareholders.
Robbins Umeda LLP highlights that MAKO shareholders have the
option to file a shareholder derivative action to hold those
officers and directors accountable for damaging the company.
Remedies commonly sought in derivative actions include corporate
governance reforms designed to prevent future misconduct, removal
of officers or directors whose misconduct injured the corporation,
and monetary payments in the form of damages and disgorgement of
ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/mako-surgical-corp/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Mako Surgical Corp. (MM) (NASDAQ:MAKO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Mako Surgical Corp. (MM) (NASDAQ:MAKO)
Historical Stock Chart
From Sep 2023 to Sep 2024