Izard Nobel LLP Announces Class Action Lawsuit Against Stereotaxis, Inc.
(firmenpresse) - WEST HARTFORD, CT -- (Marketwire) -- 10/17/11 -- 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 Eastern District of Missouri on behalf of purchasers of the common stock of Stereotaxis, Inc. ("Stereotaxis" or the "Company") (NASDAQ: STXS) between February 28, 2011 and August 9, 2011, inclusive (the "Class Period").
The Complaint charges that Stereotaxis and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following adverse facts: (i) Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (ii) market feedback from users of the Company's technology was "mixed"; (iii) the Niobe®, Stereotaxis' cardiology instrument control system, was far from the "standard of care" and needed "fundamental product improvements"; (iv) demand for the Company's Niobe and Odyssey systems was weak and the number of units being sold was decreasing; and (v) the reported backlog of orders did not fairly represent future revenue Stereotaxis expected to recognize.
On August 8, 2011, Stereotaxis announced financial results well below expectations for the second quarter of 2011 and losses of $9.7 million. Additionally, the Company suspended its full year guidance for 2011, and announced that the Chief Financial Officer was resigning. On this news, Stereotaxis shares fell over 58%, closing on August 9, 2011 at $1.19 per share.
If you are a member of the class, you may, no later than December 9, 2011, 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, and your rights, visit: , or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: . For more information about class action cases in general, please visit our website: .
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800)797-5499
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Datum: 17.10.2011 - 21:26 Uhr
Sprache: Deutsch
News-ID 77010
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