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WILMINGTON, Del., Feb. 17, 2016 -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Cardiovascular Systems, Inc. (NASDAQ:CSII)?
- Did you purchase your shares between September 12, 2011 and January 21, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Cardiovascular Systems, Inc. (“CSI” or the “Company”) (NASDAQ:CSII) between September 12, 2011 and January 21, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of CSI during the Class Period, or purchased shares prior to the Class Period and still hold CSI, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://rigrodskylong.com/investigations/cardiovascular-systems-inc-csii.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on January 21, 2016, CSI disclosed during aftermarket hours that it expects revenue from its 2016 fiscal second quarter to be $41.4 million, a 4% decrease from the second quarter of fiscal 2015, and 3% below the guidance range due to the continued effects of the sales force transition. Similarly, like the financial results disclosed on October 7, 2015, the Company reported disappointing 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 for the Western District of North Carolina stating that it is investigating the Company to determine whether the Company has violated the False Claims Act.
On this news, the market price of CSI common stock dropped almost 30%, closing at $8.74 per share on January 22, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than April 12, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 [email protected] http://www.rigrodskylong.com
