PHILADELPHIA, May 30, 2008 (Lawfuel) — Law Offices Bernard M.
Gross, P.C. commenced a class action lawsuit in the United States
District Court, Western District of Wisconsin, 08cv314, on behalf of
purchasers of the common stock of TomoTherapy, Inc. (“TOMO” or the
“Company”) (Nasdaq:TOMO) between February 13, 2008 and April 17, 2008
inclusive (the “Class Period”), seeking to pursue remedies under the
Securities Exchange Act of 1934. If you wish to serve as lead plaintiff
you must move the Court no later than July 29, 2008. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff’s counsel, Deborah
R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email
at [email protected] or [email protected] Any member of
the purported 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.
The complaint charges TOMO and its Chief Executive Officer with
violations of the Federal Securities Laws. TOMO develops, markets and
sells the Hi-Art system, is a radiation therapy system for the
treatment of various types of cancer. As alleged in the complaint,
defendants concealed in their February Press Release that (a) a larger
percentage of TOMO’s revenue backlog at December 31, 2007 and TOMO’s
new orders received through February 12, 2008 were from for-profit
entities which had ordered multi-unit Hi-Art Systems and had scheduled
deliveries of the multi-units sequentially throughout 2008 and 2009;
(b) the average selling prices were lower in Q1’08 by approximately 11%
than they had been in Q1’07 because Q1’07 sales included a large number
of European sales denominated in Euros; (c) new sales orders from
Europe had slowed in Q1’08 through February 12, 2008 and TOMO was
experiencing a serious delay in closing European orders; (d) TOMO’s
gross margins in Q1’08 were and would continue to be approximately 20%
lower than they had been in Q1’07; and (e) TOMO’s revenues in Q1’08
would be substantially lower and would not show increased growth from
either Q1’07 or Q4’07 and that TOMO would suffer a loss in Q1’08.
Shortly after the February Release, director Neis sold approximately
917,621 shares of TOMO common stock during February 26, 2008 through
March 14, 2008.
Plaintiff seeks to recover damages on behalf of all those who purchased
the common stock of TomoTherapy between February 13, 2008 and April 17,
2008. The plaintiff is represented by Law Offices Bernard M. Gross P.C.
The firm has expertise in prosecuting investor class actions and
extensive experience in actions involving financial fraud.