NEW YORK, Feb. 19, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Central District of California against Cardiovascular Systems, Inc. (NASDAQ:CSII) ("CSI" or the "Company") on behalf of purchasers of the Company's securities between September 12, 2011 and January 21, 2016, inclusive (the "Class Period").
Shareholders who incurred losses on Cardiovascular Systems, Inc. securities purchased within the class period are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774.
If you purchased shares of Cardiovascular Systems, Inc. within the period September 12, 2011 and January 21, 2016, inclusive, you may, no later than April 12, 2016, request that the Court appoint you lead plaintiff of the proposed class.
The filed shareholder class action complaint alleges that the defendants made materially false and misleading statements to investors and/or failed to disclose that: (1) CSI distributed illegal kickbacks to health care providers; (2) CSI engaged in the off-label promotion of its medical devices; and (3) CSI violated the Food and Drug Administration's laws and regulations in connection with its medical devices.
On May 9, 2014, CSI disclosed that it had received a letter from the U.S. Attorney's Office for the Western District of North Carolina reporting that the U.S. Attorney was investigating whether the Company had violated the False Claims Act. Following this news, shares of CSI's stock fell $1.62 per share, or over 5%, to close at $27.43 per share on May 12, 2014.
On October 7, 2015, CSI reported disappointing First Quarter 2016 financial results "due to the continued reformation of its sales force, which was a materialization of the Company's receipt of the letter from the U.S. Attorney's Office." Following this news, shares of CSI's stock fell an additional $3.01 per share, or approximately 18%, to close at $13.62 per share on October 8, 2015.
Finally, on January 21, 2016, CSI reported disappointing Second Quarter 2016 financial results, again "due to the continued reformation of its sales force, which was a materialization of the Company's receipt of the letter from the U.S. Attorney's Office." Following this news, shares of CSI's stock fell an additional $3.72 per share, or nearly 30%, to close at $8.74 per share on January 22, 2016.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “CSI Investigation.”
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org Tel: (800) 575-0735 or (212) 545-4774
Source:Wolf Haldenstein Adler Freeman & Herz LLP