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A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Spectranetics and certain of the Company's executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's business and operations caused Spectranetics' stock price to become artificially inflated, inflicting damages on investors. Spectranetics develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system for use with Spectranetics' excimer laser system. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Spectranetics' business and operations were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements failed to disclose or indicate the following: (1) that the Company lacked effective regulatory compliance controls; (2) that the Company was illegally and extensively marketing its laser and catheters for uses that had not been approved by the United States Food and Drug Administration ("FDA"); (3) that the Company failed to report to the FDA that tests found its laser caused significant damage to stents it was using in the clinical trial; (4) that the Company illegally tested several products on patients without FDA approval; (5) that the Company lacked effective internal controls; and (6) as a result of the above, the Company's financial results were materially inflated.
On September 4, 2008, Spectranetics shocked investors when reports surfaced that Federal Officials had served search warrants on the Company and NASDAQ halted trading of Spectranetics' common stock. That evening, Spectranetics issued a press release disclosing that the Company was jointly served by the FDA and U.S. Immigration and Customs Enforcement with a search warrant relating to the promotion, use, testing, marketing, and sales of certain Spectranetics products, and payments made to medical personnel and an identified institution for this application. The search warrant also requested information about two post-market studies completed during the period from 2002 to 2005 and payments to medical personnel in connection with those studies, as well as information regarding compensation packages for certain Spectranetics personnel.
On this news, NASDAQ subsequently halted trading of shares in Spectranetics, but only after Company shares had already fallen $4.27 per share, or 47 percent, to $4.73 per share on unusually heavy trading volume. The following day, September 5, 2008, shares of Spectranetics were allowed to resume trading and closed at $5.63 per share, a decline of $3.37 per share, or 37 percent, from the September 3, 2008 closing price of $9.00 per share.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP Los Angeles, CA Lionel Z. Glancy Michael Goldberg (310) 201-9150 (888) 773-9224 info@glancylaw.com www.glancylaw.com
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