WAYNE, Pa., Feb. 26, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased Cardiovascular Systems, Inc. (NASDAQ: CSII) ("CSI" or the "Company") securities between September 12, 2011 and January 21, 2016, inclusive (the "Class Period").
CSI shareholders may, no later than April 12, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of CSI and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/csii.
CSI is a medical technology company that develops, manufactures, and markets devices to treat vascular diseases, such as Peripheral Arterial Disease ("PAD"). The Company sells its products directly to hospitals, doctors, and office-based labs.
The complaint alleges that CSI and certain of its executive officers made a series of false and misleading statements to investors and failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the defendants are alleged to have 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.
As more fully detailed in the shareholder class action complaint, 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.
If you are a member of the class, you may, no later than April 12, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/csii. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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