HARTFORD, Conn.–LAWFUEL – Legal Announcements – The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of Colorado on behalf of those who purchased or otherwise acquired the securities of The Spectranetics Corporation (“Spectranetics” or the “Company”) (NASDAQ: SPNC) between April 19, 2007 and September 4, 2008, inclusive (the “Class Period”).
The Complaint charges that Spectranetics and certain of its officers and directors violated federal securities laws by issuing materially false statements. Specifically, the Complaint alleges that defendants’ failed to disclose the following: (i) that Spectranetics lacked effective regulatory compliance controls; (ii) that the Company was illegally and extensively marketing its laser and catheters for uses that had not been approved by the United States Food and Drug Administration (“FDA”); (iii) that the Company failed to report to the FDA that tests found its laser caused significant damage to stents it was using in the clinical trial; (vi) that the Company illegally tested several products on patients without FDA approval; (v) that Spectranetics lacked effective internal controls; and (vi) as a result of the above, the Company’s financial results were materially inflated.
If you are a member of the class, you may, no later than November 24, 2008, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at [email protected], or visit our website: www.izardnobel.com.