Case Page

 

Case Status:    DISMISSED    
On or around 06/06/2008 (Date of order of final judgment)

Filing Date: October 02, 2007

According to the Company’s Form 10-K for the fiscal year ended March 31, 2008, on January 22, 2008, the Court appointed lead class plaintiff, and on February 6, 2008, plaintiffs filed their Consolidated Complaint. On February 26, 2008, the Company filed a Motion to Dismiss the Consolidated Complaint for failure to state a claim, and on May 20, 2008 the Court granted the Motion to Dismiss, giving plaintiffs ten days, until May 30, 2008, to amend their Complaint. Plaintiffs failed to amend their Complaint, and on June 6, 2008, the Court dismissed the case with prejudice.

The original complaint charges Micrus and certain of its officers and directors with violations of the Exchange Act. Micrus develops, manufactures, and markets implantable and disposable medical devices used in the treatment of cerebral vascular diseases.

Specifically, the complaint alleges that defendants issued materially false and misleading statements during the Class Period and failed to disclose: (i) that sales at Micrus Design, one of the Company’s key subsidiaries, were slowing dramatically and not meeting internal expectations as the subsidiary was encountering increasing competition; (ii) that the Company was experiencing increased regulatory issues in China and Japan which would delay and impede its ability to get its full complement of products approved for sale in those countries; and (iii) as a result of the foregoing, Defendants’ positive statements about the Company, its earnings, products and prospects were lacking in a reasonable basis at all times and materially false and misleading.

The complaint further alleges that on or around September 17, 2007, Micrus issued a press release announcing that it was revising its financial guidance and now expects fiscal 2008 revenues to be between $65 million and $75 million because of expected product approval delays in China as well as Japan and slower-than-anticipated sales in North America. In response to the announcement the price of Micrus common dropped from $23.57 per share to $17.37 per share on extremely heavy trading volume.

A similar, purported class action complaint has also been filed in the U.S. District Court for the Northern District of California.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MEND
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Florida
DOCKET #: 07-CV-22601
JUDGE: Hon. Paul C. Huck
DATE FILED: 10/02/2007
CLASS PERIOD START: 02/12/2007
CLASS PERIOD END: 09/17/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Florida)
    197 S. Federal Highway, Suite 20, Coughlin Stoia Geller Rudman & Robbins LLP (Florida), FL 33432
    561-750-3000 561-750-3364 · info@csgrr.com/
  2. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
  3. Schiffrin Barroway Topaz & Kessler, LLP (Walnut Creek)
    2125 Oak Grove Road, Suite 120, Schiffrin Barroway Topaz & Kessler, LLP (Walnut Creek), CA 94598
    925.945.0200 925.945.8792 · info@sbtklaw.com
No Document Title Filing Date
COURT: S.D. Florida
DOCKET #: 07-CV-22601
JUDGE: Hon. Paul C. Huck
DATE FILED: 02/06/2008
CLASS PERIOD START: 02/12/2007
CLASS PERIOD END: 09/17/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3000 ·
  2. Motley Rice LLC (Atlanta)
    One Georgia Center; 600 West Peachtree Street, Suite 800, Motley Rice LLC (Atlanta), GA 30308
    1-800-768-4026 · inquiry@motleyrice.com
No Document Title Filing Date
No Document Title Filing Date