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If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from October 23, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Darren Robbins of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/hansenmedical/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Hansen and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Hansen develops products and technology using robotics for the accurate positioning, manipulation and control of catheters and catheter-based technologies, including the Sensei(R) Robotic Catheter System ("Sensei system"), a robotic navigation system that enables clinicians to place mapping catheters in hard-to-reach anatomical locations within the heart during complex cardiac arrhythmia procedures.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial results and compliance with Generally Accepted Accounting Principles. Specifically, the Company improperly recognized revenue associated with the sale of its Sensei systems. As a result of defendants' false and misleading statements, Hansen's stock traded at artificially inflated prices during the Class Period, reaching a high of $19.57 per share on May 13, 2008.
Then on October 19, 2009, Hansen announced that it would be restating its financial results for 2008 and for the first and second quarters of 2009 due to its failure to properly account for its revenue as a result of an investigation by the Company's audit committee. The audit committee's investigation was prompted by an anonymous "whistleblower" report the Company received in August 2009.
Plaintiff seeks to recover damages on behalf of all purchasers of Hansen common stock during the Class Period (the "Class"). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm.
SOURCE: Coughlin Stoia Geller Rudman & Robbins LLP
Coughlin Stoia Darren Robbins, 800/449-4900 or 619/231-1058 djr@csgrr.com
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