NEW YORK, Oct. 14, 2015 /PRNewswire/ -- Levi & Korsinsky announces it has commenced an investigation of Cardiovascular Systems Inc. ("Cardiovascular Systems" or the "Company") (NASDAQ: CSII) concerning possible violations of federal securities laws by certain officers and directors.
On May 8, 2014, Cardiovascular Systems received a letter from the U.S. Attorney's Office for the Western District of North Carolina stating that Cardiovascular Systems is being investigated for possible violations of the False Claims Act. On July 8, 2015, Cardiovascular Systems further revealed that a whistleblower lawsuit filed in 2013 had been unsealed alleging that Cardiovascular Systems engaged in a fraudulent marketing scheme to maximize profits through illegal kickbacks, off-label promotion, and violations of federal laws and regulations. On October 7, 2015, Cardiovascular Systems disclosed during aftermarket hours that it expects revenue from its fiscal first quarter to be approximately $43.9 million, well below its previously issued guidance of $48.5 million to $50.0 million. On this news, shares of Cardiovascular Systems fell more than 18% to close at $13.62 per share, damaging investors. To obtain additional information about the investigation, go to:
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP