September 26, 2008
Labaton Sucharow Files Class Action Lawsuit Against the Spectranetics Corporation
NEW YORK (September 26, 2008) – Labaton Sucharow LLP filed a class action lawsuit on September 25, 2008 in the United States District Court for the District of Delaware, on behalf of all purchasers of the securities of The Spectranetics Corporation (“Spectranetics” or the “Company”) (NASDAQ:SPNC) between March 16, 2007 and September 4, 2008, inclusive. The lawsuit was filed against Spectranetics and certain officers and directors (“Defendants”).
If you bought Spectranetics securities anytime between March 16, 2007 through and including September 4, 2008, and would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact (800) 321-0476. Lead Plaintiff motion papers must be filed with the United States District Court for the District of Delaware no later than November 24, 2008. A lead plaintiff is a court-appointed representative for absent class members. You do not need to seek appointment as lead plaintiff to share in any class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action.
If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm
This action seeks to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). Specifically, the complaint alleges that Defendants omitted material facts and disseminated materially false and misleading statements pertaining to Spectranetics’ business and operations, and caused members of the class to purchase Spectranetics securities at artificially inflated prices. Spectranetics develops, manufactures, markets, and distributes single-use medical devices for minimally invasive procedures with the cardiovascular system using its excimer laser technology.
On September 4, 2008, Spectranetics revealed that it had been served with a search warrant by the Food and Drug Administration (FDA) and U.S. Immigration and Customs Enforcement. The government requested information and correspondence relating to the promotion and sales of certain products for the treatment of in-stent restenosis, payments to medical personnel and a particular institution for this application, and the promotion and sales of guidewires and catheters manufactured by international third parties. Federal authorities are also seeking information on two post-market studies completed during the period from 2002 to 2005 and payments made to personnel in connection with those studies, as well as compensation packages for certain employees. The disclosure of the investigation caused Spectranetics stock to plummet from $9.00 per share to $4.73 per share, a one-day drop of nearly 48 percent, on volume of more than 6 million shares, compared to average volume of 356,000.