Press release from Business Wire
Lieff Cabraser Reminds Intuitive Surgical Investors of Upcoming Deadline in Securities Fraud Class Action Lawsuit – ISRG
Thursday, May 30, 2013
Lieff Cabraser Reminds Intuitive Surgical Investors of Upcoming Deadline in Securities Fraud Class Action Lawsuit – ISRG09:00 EDT Thursday, May 30, 2013
SAN FRANCISCO (Business Wire) -- Lieff Cabraser Heimann & Bernstein, LLP reminds investors of the June 25, 2013 deadline to move for appointment as lead plaintiff in the securities class litigation brought on behalf of purchasers of the common stock of Intuitive Surgical, Inc. (“Intuitive” or the “Company”) (NasdaqGS: ISRG) between October 19, 2011 and April 18, 2013, inclusive (the “Class Period”).
If you purchased Intuitive common stock during the Class Period, you may move the Court for appointment as lead plaintiff by no later than June 25, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Intuitive shareholders who wish to learn more about the actions and how to seek appointment as lead plaintiff should click here or contact Joy A. Kruse of Lieff Cabraser toll free at (800) 541-7358.
Intuitive manufactures robotic surgical systems, most notably the da Vinci Surgical System, which allows laparoscopic surgery to be performed remotely using robotic manipulators.
The complaint alleges that defendants issued a series of materially false and misleading statements throughout the Class Period. As a result of defendants' efforts to conceal significant safety and efficacy problems with the da Vinci Surgical System and their 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.
On April 18, 2013, CNBC's Investigations, Inc. broadcasted an expose on the da Vinci Surgical System consisting of interviews with, among others, doctors, lawyers, and patients who have filed lawsuits against Intuitive claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. In response to this news, the price of Intuitive stock fell $8.62 per share to close at $484.75 per share on April 19, 2013, down nearly 19% from its Class Period high of $595 per share.
About Lieff Cabraser
Lieff Cabraser is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years.
For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com.
Joy A. Kruse, 415-956-1000