Deadline Reminder: Glancy Prongay & Murray LLP Reminds Investors of the October 26, 2015 Deadline in the Class Action Lawsuit...
October 21 2015 - 11:53AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
upcoming October 26, 2015 deadline to file a lead plaintiff
motion in the class action filed on behalf of a class (the “Class”)
of investors who purchased The Spectranetics Corporation
(“Spectranetics” or the “Company”) (NASDAQ: SPNC), has filed a
class action lawsuit in the United States District Court for the
District of Colorado on behalf of a class (the “Class”) comprising
purchasers of Spectranetics securities between February 19, 2015
and July 23, 2015, inclusive (the “Class Period”).
Spectranetics develops, manufactures, markets, and distributes
medical devices used in minimally invasive procedures within the
cardiovascular system. The Complaint alleges that defendants misled
investors regarding increasing competition; that the Company’s
sales force optimization efforts were inadequate; and that the
Company was experiencing poor financial performance.
On April 23, 2015, the Company reported disappointing earnings
results and lowered its forecasts for the rest of the year. The
Company attributed much of the lowered forecast to increased
competition from other drug-coated balloon products. Following this
news, shares of Spectranetics declined $8.18 per share, over 23%,
to close on April 24, 2015, at $26.52 per share, on unusually heavy
volume.
On July 23, 2015, the Company lowered revenue guidance for the
remainder of 2015. According to the Company, competitive pressure
from the rapid adoption of drug-coated balloons and ongoing sales
force optimization efforts were causing its AngioSculpt franchise
to perform below expectations. On this news, shares of
Spectranetics declined $8.53 per share, over 34%, to close on July
24, 2015, at $16.30 per share, on unusually heavy volume.
If you purchased shares of Spectranetics during the Class
Period, or if you have information or would like to learn more
about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925
Century Park East, Suite 2100, Los Angeles, California 90067 at
310-201-9150, Toll-Free at 888-773-9224, by email to
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20151021006220/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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