Federman & Sherwood Announces
the Filing of a Securities Class Action Lawsuit against Cardiovascular Systems, Inc.
City, OK (February
16, 2016) – On February
12, 2016, a securities class action lawsuit was filed in the United
States District Court for the Central District of California against Cardiovascular
Systems, Inc. (NASDAQ: CSII).
The complaint alleges violations of federal securities laws, Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5,
including allegations of issuing a series of material or false misrepresentations
to the market which had the effect of artificially inflating the market price
during the Class Period, which is September
12, 2011 through January
21, 2016. More specifically,
this litigation was filed because throughout the Class Period the Company
issued false and misleading statements to investors and/or failed to disclose
that: (1) Cardiovascular Systems distributed illegal kickbacks to health care
providers; (2) Cardiovascular Systems engaged in the off-label promotion of its
medical devices; and (3) Cardiovascular Systems violated FDA laws and
regulations in connection with its medical devices.
January 21, 2016, post-market, the Company disclosed that the expected revenue
from its 2016 fiscal second quarter to be 4% lower than the same period in the
previous year and 3% below the guidance range, due to the continued effects of
the sales force transition. On this
news, Cardiovascular Systems stock fell $3.72 per share to close at $8.74 per
share on January 22, 2016.
seeks to recover damages on behalf of all Cardiovascular
Systems, Inc. shareholders who purchased common stock
during the Class Period and are therefore a member of the Class as described
above. You may move the Court no later
April 12, 2016 to serve as a lead plaintiff for the entire
Class. However, in order to do so, you
must meet certain legal requirements pursuant to the Private Securities
Litigation Reform Act of 1995.
join this class action, click here
to obtain an investor certification. Once complete, please email this
form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to
Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK
73120, ATTN: Robin.
Posted on Tue, February 16, 2016
by Robin Hester filed under