Investor Deadline Alert: Law Offices of Howard G. Smith Reminds The Spectranetics Corp. Investors of Upcoming October 26, 201...
October 23 2015 - 11:23AM
Business Wire
Law Offices of Howard G. Smith reminds investors of the
upcoming October 26, 2015 deadline to file a lead
plaintiff motion in the class action filed on behalf of a class
(the “Class”) of investors who purchased The Spectranetics
Corporation (“Spectranetics” or the “Company”) (Nasdaq: SPNC)
securities between February 19, 2015 and July 23, 2015, inclusive
(the “Class Period”). Investors who suffered losses on their
investment in Spectranetics securities are encouraged to contact
the Law Offices of Howard G. Smith to discuss their legal
rights.
Spectranetics develops, manufactures, markets, and distributes
medical devices used in minimally invasive procedures within the
cardiovascular system. The Complaint alleges that defendants misled
investors regarding increasing competition; that the Company’s
sales force optimization efforts were inadequate; and that the
Company was experiencing poor financial performance.
On April 23, 2015, the Company reported disappointing earnings
results and lowered its forecasts for the rest of the year. The
Company attributed much of the lowered forecast to increased
competition from other drug-coated balloon products. Following this
news, shares of Spectranetics declined $8.18 per share, over 23%,
to close on April 24, 2015, at $26.52 per share, on unusually heavy
volume.
On July 23, 2015, the Company lowered revenue guidance for the
remainder of 2015. According to the Company, competitive pressure
from the rapid adoption of drug-coated balloons and ongoing sales
force optimization efforts were causing its AngioSculpt franchise
to perform below expectations. On this news, shares of
Spectranetics declined $8.53 per share, over 34%, to close on July
24, 2015, at $16.30 per share, on unusually heavy volume.
If you purchased shares of Spectranetics during the Class Period
you may move the Court no later than October 26,
2015 to request appointment as lead plaintiff. To be a
member of the Class you need not take any action at this time; you
may retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn
more about this action, or if you have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847,
toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website
at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20151023005658/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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