The Law Firms of Labaton Sucharow LLP and Brower Piven, A Professional Corporation Announce the Proposed Settlement of a Class Action Involving Spectranetics Corporation Common Stock

Oct 15, 2010, 09:30 ET from Labaton Sucharow LLP and Brower Piven, a Professional Corporation

NEW YORK, Oct. 8 /PRNewswire/ -- Summary Notice Of Proposed Settlement Of Class Action

To:  All Persons Who Purchased Or Otherwise Acquired The Common Stock Of Spectranetics From March 16, 2007 To September 4, 2008, Inclusive (The "Settlement Class").

I.

YOU ARE HEREBY NOTIFIED that the plaintiff (the "Settling Class Action Plaintiff') in the action pending in the United States District Court for the District of Colorado (the "Federal Court"), and entitled In re Spectranetics Corporation Securities Litigation, Civil Action No. 08-cv-02048-REB-KLM (the "Class Action"), has entered into a Stipulation of Settlement, dated as of September 7, 2010 (the "Stipulation") with defendants The Spectranetics Corporation, Guy A. Childs, Emile J. Geisenheimer, Jonathan W. McGuire, John G. Schulte, and Craig M. Walker, M.D.  (the "Settling Class Action Defendants") to resolve the issues raised in the Class Action as against the Settling Class Action Defendants.

II.

PLEASE BE FURTHER ADVISED that pursuant to a Court order, a hearing will be held on January 21, 2011, before the Honorable Robert E. Blackburn, Judge of the United States District Court, at the United States Courthouse, 901 19th Street, Denver, Colorado (the "Class Action Settlement Hearing") to determine:  (1) whether the settlement of claims in the Class Action against the Settling Class Action Defendants for $8,500,000 should be approved as fair, just, reasonable and adequate to all members of the Settlement Class; (2) whether the proposed Plan of Allocation is fair, just, reasonable, and adequate; (3) whether the application of Settling Class Action Plaintiff's Counsel for an award of attorneys' fees and expenses should be approved; and (4) whether the Class Action should be dismissed with prejudice as set forth in the Stipulations filed with the Court.

If you purchased or otherwise acquired Spectranetics common stock during the period from March 16, 2007 to September 4, 2008, inclusive, your rights may be affected by the settlement of this Class Action, including through the release and extinguishment of claims you may possess relating to your purchase or acquisition of Spectranetics common stock during the class period.  To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim and Release form on or before February 21, 2011.

If you desire to be excluded from the Settlement Class, you must file a request for exclusion by November 23, 2010 in the manner and form explained in the detailed Notice referred to below.  All members of the Settlement Class who have not validly requested exclusion from the Settlement Class will be bound by any judgment entered in the Class Action.

Any objection to the settlement, plan of allocation, or the application for fees, costs and expenses to be awarded to Settling Class Action Plaintiff's Counsel must be filed no later than November 23, 2010, and show due proof of service on each of the following:


LABATON SUCHAROW LLP

Mark S. Goldman

140 Broadway

New York, New York 10005

Telephone: 888-219-6877



Counsel For Settling Class Action Plaintiff

BROWER PIVEN, A PROFESSIONAL CORPORATION

Charles J. Piven

1925 Old Valley Road

Stevenson, Maryland  21153

Telephone: 410-332-0030


Counsel For Settling Class Action Plaintiff


KATTEN MUCHIN ROSENMAN LLP

Richard H. Zelichov

2029 Century Park East, Suite 2600

Los Angeles, CA 90067-3012

Telephone: 310-788-4400


Counsel for Settling Class Action Defendants


Stephen C. Schulte

WINSTON & STRAWN LLP

35 W. Wacker Drive

Chicago, IL  60601

Telephone: 312-558-5890


Counsel for Settling Class Action Defendants




If you are a Member of the Settlement Class and have not received a detailed printed Notice of Pendency and Proposed Settlement of Class Action and a Proof of Claim and Release form, you may obtain copies by writing to:

Spectranetics Corp. Securities Litigation

c/o Rust Consulting, Inc.

P.O. Box 2381

Faribault, MN  55021-9081

Toll Free Hotline: 877-625-9406

or downloading these documents at spectraneticssettlement.com.  You may also download the Stipulation at the same site.  These documents are also available for review at the Court.  Please do not telephone or otherwise contact the court, the clerk's office, Spectranetics, any other Settling Class Action Defendant, or counsel for Settling Class Action Defendants for information.

Any inquiries about the Class Action can be made in writing to Settling Class Action Plaintiff's Counsel: LABATON SUCHAROW LLP, 140 Broadway, New York, New York 10005 or BROWER PIVEN, A PROFESSIONAL CORPORATION, 1925 Old Valley Road, Stevenson, Maryland  21153.

IT IS SO ORDERED.

DATED: September 13, 2010

/s/ Robert E. Blackbum

UNITED STATES DISTRICT JUDGE

SOURCE Labaton Sucharow LLP and Brower Piven, a Professional Corporation