The Spectranetics Corporation investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Spectranetics develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system.
The complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the company was being negatively impacted by increasing competition; (2) that the company’s sales force optimization efforts were inadequate; (3) that, as a result, the company was performing below expectations; (4) that the company lacked adequate internal controls; and (5) that, as a result of the foregoing, the defendants’ statements about Spectranetics’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
The Class Period begins on February 19, 2015 when Spectranetics issued a press release entitled, “Spectranetics Achieves Fourth Quarter 2014 Revenue of $63.0 Million.” Then, on April 23, 2015, the company reported disappointing earnings results and lowered its forecast for the rest of the year. According to the complaint, the company attributed much of the lowered forecast to increased competition from other drug-coated balloon products. Following this news, shares of Spectranetics declined $8.18 per share, or over 23%, to close on April 24, 2015, at $26.52 per share, on heavy volume.
Finally, on July 23, 2015, the company lowered revenue guidance for the remainder of 2015. According to the company, competitive pressure from the rapid adoption of drug-coated balloons and ongoing sales force optimization efforts were causing its AngioSculpt franchise to perform below expectations. Following this news, shares of Spectranetics declined $8.53 per share, or over 34%, to close on July 24, 2015, at $16.30 per share, on heavy volume.
If you are a member of the class described above, you may no later than October 26, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706