NEW YORK, April 29, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Intuitive Surgical, Inc. ("Intuitive" or the "Company") (NASDAQ: ISRG).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that defects in the da Vinci Surgical System had caused a substantial number of patient injuries, not all of which were being reported to the FDA, and that Intuitive was engaging in sales practices that violated community standards and their own protocol agreed upon with the FDA.
On March 5, 2013, Bloomberg released an in-depth report disclosing that its review of pleadings in at least ten lawsuits filed against Intuitive during the prior 14 months and FDA adverse incident reports had uncovered that robotic surgical systems made by Intuitive had been linked to at least 70 deaths in informal incident reports sent to the FDA since 2009. Then, on April 18, 2013, CNBC's Investigations, Inc. broadcast an expose on the da Vinci Surgical System consisting of interviews with, among others, doctors, lawyers, and patients who have filed lawsuits against Intuitive claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. In response to this news, the price of Intuitive stock fell $8.62 per share to close at $484.75 per share on April 19, 2013, down nearly 19% from a recent high of $595 per share.
Moreover, the Company's senior executives sold close to 410,000 shares of their personally held Intuitive stock while the Company's stock was artificially inflated between fall 2011 and spring 2013, for proceeds of more than $218.6 million.
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If you invested in Intuitive stock or options between October 19, 2011 and April 18, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/ISRG. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Intuitive's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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