Press release from Business Wire
Hagens Berman: 14 Days Remain before June 25, 2013, Lead Plaintiff Deadline in Intuitive Surgical, Inc., Securities Lawsuit
Tuesday, June 11, 2013
Hagens Berman: 14 Days Remain before June 25, 2013, Lead Plaintiff Deadline in Intuitive Surgical, Inc., Securities Lawsuit09:35 EDT Tuesday, June 11, 2013
BERKELEY, Calif. (Business Wire) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, today reminded investors that only 14 days remain before the June 25, 2013, lead plaintiff deadline in a securities class-action lawsuit brought against Intuitive Surgical, Inc. (NASDAQ:ISRG) (“ISRG” or “the company”). Investors in the company who have more than $300,000 in losses are encouraged to contact a Hagens Berman attorney to discuss moving for lead plaintiff in the case by emailing ISRG@hbsslaw.com or calling (510) 725-3000.
The proposed class-action lawsuit would apply to investors who purchased ISRG common stock between Oct. 19, 2011, and April 18, 2013, (the “class period”). Investors can learn more and contact Hagens Berman partner Reed R. Kathrein, who is leading Hagens Berman's investigation, by visiting http://www.hb-securities.com/investigations/ISRG.
Investors who wish to serve as lead plaintiff in the case must move the court no later than June 25, 2013. Any member of the putative 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 lawsuit, originally filed on April 26, 2013, in the U.S. District Court for the Northern District of California, claims that ISRG issued a series of false or misleading statements to investors during the class period. The suit alleges that ISRG failed to fully disclose to investors the financial impact of safety problems with its da Vinci Surgical System, including a number of deaths allegedly caused by the system.
On April 30, 2013, Medscape—an online medical resource for healthcare professionals—reported that the Food and Drug Administration has begun to investigate da Vinci following a spike in adverse event reports (AERs) related to the system's use in surgery. According to Medscape, the number of da Vinci AERs filed with the FDA increased by 34 percent between 2011 and 2012.
A number of lawsuits have been filed against the company seeking damages for injuries allegedly caused by da Vinci. ISRG's stock price suffered a significant decline following media coverage of those suits. The filed investor lawsuit claims that ISRG deceived investors regarding the risk of FDA action against the company.
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm's securities law blog is at http://www.meaningfuldisclosure.com.
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