Izard Nobel LLP Announces Class Action Lawsuit Against MAKO Surgical Corporation
May 11 2012 - 5:47PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the Southern District of
Florida on behalf of purchasers of the common stock of Mako
Surgical Corporation ("MAKO" or the "Company") (NASDAQ: MAKO)
between January 9, 2012 and May 7, 2012, inclusive (the "Class
Period").
The Complaint alleges that MAKO, a medical device company that
markets its advanced robotic arm solution and orthopedic implants
for orthopedic procedures, and certain of its officers and
directors violated the federal securities laws. Specifically, the
Complaint alleges that defendants failed to disclose the following
adverse facts: (i) MAKO was poised to suffer a wider first quarter
loss as it was experiencing higher costs and slower sales of its
RIO systems; (ii) utilization rates of the Company's RIO systems
were dropping; (iii) that the Company's 2012 outlook provided at
the start of the Class Period lacked a reasonable basis when made;
and (iv) that defendants lacked a reasonable basis for their
positive statements about MAKO or its outlook.
On May 7, 2012, MAKO announced its first quarter 2012 financial
results. Although revenue rose from the first quarter 2011, it
dropped approximately 40% from the fourth quarter 2011 and missed
analysts' consensus expectations by approximately 20%. As a result,
MAKO stock dropped $15.13 to close at $26.27 per share on May 8,
2012.
If you are a member of the class, you may, no later than July 9,
2012, request that the Court appoint you as lead plaintiff of the
class. A lead plaintiff is a class member that acts on behalf of
other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/mako/, or contact Izard Nobel LLP
toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa (800)797-5499 www.izardnobel.com
firm@izardnobel.com
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