GPM Files Securities Class Action Lawsuit against The Spectranetics Corporation
28 August 2015 - 9:52AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”), representing investors
of The Spectranetics Corporation (“Spectranetics” or the “Company”)
(NASDAQ: SPNC), has filed a class action lawsuit in the United
States District Court for the District of Colorado on behalf of a
class (the “Class”) comprising purchasers of Spectranetics
securities between February 19, 2015, and July 23, 2015, inclusive
(the “Class Period”).
Please contact Casey Sadler, Esquire, at (310) 201-9150 or at
shareholders@glancylaw.com to discuss this matter. If you inquire
by email, please include your mailing address, telephone number and
number of shares purchased.
Spectranetics develops, manufactures, markets and distributes
medical devices used in minimally invasive procedures within the
cardiovascular system. The Complaint alleges that 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, Defendants’ statements about Spectranetics’s business,
operations and prospects were false and misleading and/or lacked a
reasonable basis.
On April 23, 2015, the Company reported disappointing earnings
results and lowered its forecast for the rest of the year. 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, over 23%,
to close on April 24, 2015, at $26.52 per share, on unusually heavy
volume.
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. On this news, shares of
Spectranetics declined $8.53 per share, over 34%, to close on July
24, 2015, at $16.30 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move
the Court, no later than 60 days from the date of this Notice, to
serve as lead plaintiff, if you meet certain legal requirements. To
be a member of the Class you need not take any action at this time;
you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Casey Sadler, Esquire, of Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100, Los Angeles, California 90067,
at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com. If you inquire via
email, please include your mailing address, telephone number and
number of shares purchased.
This Notice may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20150827006095/en/
Glancy Prongay & Murray LLP, Los Angeles, CACasey Sadler,
Esq.(310) 201-9150(888)
773-9224shareholders@glancylaw.comwww.glancylaw.com
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