Faruqi & Faruqi, LLP is Investigating Vascular Solutions Inc. on Behalf of its Shareholders - VASC
NEW YORK, Oct. 22, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential wrongdoing at Vascular Solutions Inc. ("Vascular" or the "Company") (Nasdaq: VASC). The investigation focuses on whether certain executive officers and directors of Vascular breached their fiduciary duties by causing the Company to illegally market its Vari-Lase medical device for unapproved uses. The Vari-Lase device is an endovenous laser system that is used to treat varicose veins and varicosities.
On June 28, 2011, Vascular announced that it had received a subpoena from the U.S. Attorney's Office for the Western District of Texas under the Health Insurance Portability & Accountability Act of 1996 requesting the production of documents related to the Company's Vari-Lase products, and in particular the use of the Vari-Lase Short Kit for the treatment of perforator veins.
On August 14, 2012, the U.S. District Court for the Western District of Texas unsealed a qui tam complaint that had been filed on November 19, 2010 by Desalle Bui, a former Vascular sales employee, which is the basis for the U.S. Attorney's investigation, to which the federal government has elected to intervene. The complaint alleges that Vascular promoted the Vari-Lase Short Kit for uses other than treating perforated veins, which is the only use approved by the Food and Drug Administration, and that Vascular paid doctors illegal kickbacks in exchange for prescribing the devices for the off-label uses. Furthermore, the complaint alleges that the government's Medicare and Medicaid programs have suffered $20 million in wrongfully-obtained reimbursements.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
If you hold VASC shares and you would like to discuss your legal rights, visit www.faruqilaw.com/VASC. You can also contact us by calling Beth Keller toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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