A class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of purchasers of The Spectranetics Corporation (NASDAQ: SPNC) publicly traded securities during the period between April 19, 2007 and September 4, 2008 (the “Class Period”). The complaint charges Spectranetics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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 during the Class Period, defendants made false and misleading statements about the Company’s business operations and financial performance. Specifically, defendants failed to disclose that: (a) the Company was improperly promoting its own products and the products of third parties; (b) the Company was improperly compensating personnel, including personnel involved in two post-market studies of Spectranetics’ products from 2002-2005; and (c) the Company was receiving parts from an international source in violation of customs laws.
On September 4, 2008, the Company issued a press release announcing that it had been served by the Food and Drug Administration and U.S. Immigration and Customs Enforcement with a search warrant issued by the United States District Court, District of Colorado. The search warrant requested information and correspondence relating to the promotion, use, testing, marketing and sales of certain of the Company’s products, among other things. As a result of this disclosure, Spectranetics’ closing stock price dropped from $9.00 per share on September 3, 2008 to $4.73 the next day and trading was halted.
If you are a current shareholder and purchased during period between April 19, 2007 and September 4, 2008 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.