Press release from Business Wire
Intuitive Surgical, Inc. Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Tuesday, April 30, 2013
Intuitive Surgical, Inc. Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors13:03 EDT Tuesday, April 30, 2013
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Intuitive Surgical, Inc (“Intuitive” or “Company”) (Nasdaq: ISRG). The firms are investigating additional legal claims against the officers and Board of Directors of Intuitive during the period of October 19, 2011 and April 18, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via email at email@example.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Intuitive and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants issued a series of materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while concomitantly announcing quarter after quarter of record financial results. Yet, again as alleged, during the relevant time period the Company was aware of at least ten lawsuits filed against Intuitive during the prior 14 months and FDA adverse incident reports had uncovered that robotic surgical systems made by Intuitive had been linked to at least 70 deaths in informal incident reports sent to the FDA since 2009.
As a result of defendants' efforts to allegedly conceal significant safety and efficacy problems with the da Vinci Surgical System and their allegedly false statements concerning the Company's business metrics and financial prospects, Intuitive stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of nearly $595 per share in intraday trading by April 18, 2012. While the Company's stock was artificially inflated during the Class Period, the Company's senior executives sold close to 410,000 shares of their personally held Intuitive stock for proceeds of more than $218.6 million.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
Powers Taylor, LLP
Zachary Groover, 877-728-9607