SAN DIEGO, March 02, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain purchasers of shares of Cardiovascular Systems Inc (NASDAQ:CSII) over alleged Securities Laws Violations by Cardiovascular Systems.
Investors who purchased shares of Cardiovascular Systems Inc (NASDAQ:CSII) have certain options and for certain investors are short and strict deadlines running. Deadline: April 12, 2016. NASDAQ:CSII investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants issued certain allegedly false and misleading statements to investors and/or allegedly failed to disclose that Cardiovascular Systems distributed illegal kickbacks to health care providers, that Cardiovascular Systems engaged in the off-label promotion of its medical devices, and that Cardiovascular Systems violated FDA laws and regulations in connection with its medical devices.
On May 9, 2014, Cardiovascular Systems Inc disclosed that it had received a letter on May 8, 2014 from the U.S. Attorney's Office for the Western District of North Carolina stating that the Company is being investigated for possible violations of the False Claims Act, resulting in the submission of false claims to federal and state health care programs, including Medicare and Medicaid.
On July 8, 2015, Cardiovascular Systems Inc disclosed that a whistleblower lawsuit filed in 2013 had been unsealed. The lawsuit, brought by a former sales manager of Cardiovascular Systems Inc, alleged that Cardiovascular Systems Inc engaged in a fraudulent marketing scheme to maximize profits through illegal kickbacks, off-label promotion, and violations of federal laws and regulations. The lawsuit alleges several schemes to drive up sales, including "kickbacks" in which doctors were sent on all-expense-paid trips for training seminars in fancy settings and then told to use Cardiovascular Systems Inc devices on their next five or ten cases.
On January 21, 2016, Cardiovascular Systems Inc reported its fiscal 2016 second quarter financial results and issued its fiscal 2016 third-quarter outlook.
Shares of Cardiovascular Systems Inc (NASDAQ:CSII) declined from over $40 per share in April 2015 to as low as $7.50 per share on February 23, 2016.
Those who purchased Cardiovascular Systems Inc (NASDAQ:CSII) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.