NEW YORK, May 12, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Cardiovascular Systems, Inc. ("CSII" or the "Company") (NASDAQ: CSII), concerning whether the board has breached its fiduciary duties to shareholders.
In May 2015, the Company disclosed that it was subject of a False Claims Act investigation by the U.S. Attorney's Office for the Western District of North Carolina.
In July 2015, CSII disclosed the unsealing of a whistleblower lawsuit filed in 2013. The suit, filed by a former sales manager of the Company, alleges that CSII engaged in a marketing scheme using illegal kickbacks to doctors and made sham payments.
On May 10, 2016, a shareholder action was filed in the U.S. District Court for the District of Minnesota (Case No. 16-cv-1226) alleging that while the Company was engaged in the illegal kickback scheme, insiders engaged in numerous sales of CSII stock and caused the Company to sell five million shares of stock at artificially inflated prices.
Our investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own CSII shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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