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NeuroMetrix Inc. Summary: According to a press release dated March 17, 2008, the complaint charges NeuroMetrix and certain of its officers and directors with violations of the Securities Exchange Act of 1934. NeuroMetrix designs, develops, and sells medical devices used to diagnose neuropathies and neurovascular disease in the United States.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s NC-stat device, which is a strap-on or hand-held device that allows physicians, usually general practitioners, to test for problems like carpal tunnel syndrome and back pain without the need for an exam from a specialist. According to the complaint, throughout the Class Period, unbeknownst to shareholders, NeuroMetrix’s sales of its NC-stat device were artificially inflated as: (i) the efficacy of the Company’s NC-stat device was highly questionable and concerns were being raised by practitioners; (ii) health insurers were increasingly denying reimbursement for procedures using the Company’s NC-stat device or raising significant payment issues; (iii) the Company instructed doctors to bill under the same insurance billing codes as the competing needle procedure rather than applying for its own insurance billing code in order to enable practitioners to get reimbursement; and (iv) the Company was improperly giving doctors kickbacks in the form of free sensors for referring other doctors to the NC-stat system.
As the truth began to be disclosed, shares of NeuroMetrix common stock plummeted, causing substantial losses to investors.
INDUSTRY CLASSIFICATION:
SIC Code: 3841
Sector: Healthcare
Industry: Medical Equipment & Supplies
| COMPANY/ISSUER NAME: | NeuroMetrix Inc. |
| COMPANY/ISSUER TICKER: | NURO |
| COMPANY WEBSITE: | http://www.neurometrix.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| NECA-IBEW Pension Fund, et al. v. NeuroMetrix Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 3/17/2008 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Gordon L. Hill, et al. v. NeuroMetrix Inc., et al. | |||
| Type: Complaint | Date on the document: 03/27/2008 | ||
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