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Case Status:    DISMISSED    
On or around 08/10/2010 (Court's order of dismissal)

Filing Date: August 26, 2009

The complaint charges CardioNet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CardioNet is the leading provider of ambulatory, continuous, real-time outpatient management solutions for the monitoring of clinical information on an individual's health.

During the Class Period, defendants made positive statements about the Company's revenues and earnings knowingly or recklessly disregarded that it was currently experiencing reductions in its reimbursement rates for its MCOT services and that these reimbursement rates were under review by payors, and a reduction in rates could result in the Company's current independent business model not being economically viable. Defendants' financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact because it was based on the current $1,123.07 rate for the MCOT system, which rate Defendants knew was under review by payors and which was likely to be reduced because of, inter alia, the cost-driven reimbursement environment which was driving down virtually all reimbursement levels set by commercial providers.

On September 21, 2009, the Honorable Stewart Dalzell consolidated two civil actions under Civil Action No. 09-3894. On December 22, 2009, Judge Dalzell signed the order granting in part the motion of the Central Laborers' Pension Welfare
and Annuity Funds for appointment as lead plaintiff and approval of its selection of counsel as co-lead counsel for the class. According to the Order, Central Laborers is appointed lead plaintiff and the Central Laborers shall file an amended motion for approval of its selection of class counsel with the supporting documentation. The case has been transferred to the civil suspense docket pending the appointment of class counsel.

On February 3, 2010, Judge Stewart Dalzell signed the Order appointing Barrack, Rodos & Bacine and Branstetter, Stranch & Jennings, PLLC, as co-lead counsel for the putative class in this consolidated case. On February 19, 2010, the lead plaintiff filed a Consolidated Class Action Complaint. On March 26, 2010, the defendants filed a motion to dismiss the Consolidated Class Action Complaint, and on August 10, 2010, Judge Dalzell granted the defendants' motion to dismiss. Judgment was entered in favor of the defendants, and the case is now closed.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: BEAT
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: E.D. Pennsylvania
DOCKET #: 09-CV-03894
JUDGE: Hon. STEWART DALZELL
DATE FILED: 08/26/2009
CLASS PERIOD START: 04/30/2009
CLASS PERIOD END: 06/30/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 09-CV-03894
JUDGE: Hon. STEWART DALZELL
DATE FILED: 02/19/2010
CLASS PERIOD START: 04/28/2009
CLASS PERIOD END: 07/10/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Branstetter, Stranch & Jennings, PLLC
    227 2nd Avenue North, Branstetter, Stranch & Jennings, PLLC, TN 37201-1684
    615.254.8801 615.254.8801 ·
No Document Title Filing Date
No Document Title Filing Date