Case Page

 

Case Status:    DISMISSED    
On or around 03/24/2011 (Other)

Filing Date: April 05, 2010

According to the Company's Form 10-K for the fiscal year ended December 31, 2010, on March 5, 2010, West Palm Beach Police Pension Fund filed a putative class action complaint in California Superior Court, San Diego County asserting claims for violations of Sections 11, 12 and 15 of the Securities Act of 1933, as amended, against CardioNet, nine current and former officers and directors of CardioNet and six underwriters of CardioNet's intial public offering (IPO) consummated March 25, 2008 and/or Secondary Offering on August 6, 2008 (together with the IPO, the "Offerings").

Specifically, the plaintiff seeks to bring claims on behalf of all those who acquired the common stock of CardioNet pursuant and/or traceable to the Company's IPO and/or Secondary Offering. On March 10, 2010, plaintiff filed an Amended Complaint that deleted the claims for violations of the California Corporations Code. The claims are based on purported misrepresentations and omissions in the Registration Statements for the Offerings relating to alleged business decisions made by CardioNet that were supposedly not disclosed to investors and alleged misstatements concerning CardioNet's business.

On April 5, 2010, all defendants removed the case to the Southern District of California, where it is pending. On April 7, 2010, defendants filed a Motion to Transfer the case to the Eastern District of Pennsylvania, which Motion to Transfer is noticed for hearing on June 28, 2010. On April 23, 2010, the plaintiff moved to remand the case to state court.

On June 10, 2010, the Plaintiff voluntarily dismisses its claims against Defendant Barclay’s Capital, Inc. without prejudice pursuant to 3 Fed. R. Civ. P. 41(a).

On March 24, 2011, Judge M. James Lorenz granted the plaintiff's motion to remand the action to the Superior Court of the State of California, County of San Diego.

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: S.D. California
DOCKET #: 10-CV-00711
JUDGE: Hon. M. James Lorenz
DATE FILED: 04/05/2010
CLASS PERIOD START: 03/18/2008
CLASS PERIOD END: 12/15/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  2. Scott & Scott LLP (San Diego)
    600 B Street, Suite 1500, Scott & Scott LLP (San Diego), CA 92101
    619.233.4565 619.233.4565 · scottlaw@scott-scott.com
  3. Zeldes Haeggquist & Eck, LLP
    625 Broadway, Suite 1000, Zeldes Haeggquist & Eck, LLP, CA 92101
    619.378.0442 619.342.7878 ·
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