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Case Status:    DISMISSED    
On or around 06/20/2012 (Other)

Filing Date: August 06, 2010

According the complaint filed August 06, 2010, during the Class Period Defendants claimed that the "perceived advantages" of the da Vinci- robot for prostate operations were causing increasing demand for a da Vinci operation over a traditional human-controlled operation. Prior to the Class Period, Defendants had managed their earnings so as to miraculously beat analyst expectations quarters in a row. In truth, a majority of the Company's potential clients had already purchased a da Vinci. Thus, Defendants' aggressive growth (unbeknownst to shareholders) had come to an end prior to the beginning of the Class Period and Defendants were well aware of this fact.

On January 22, 2009, the Company released its actual fourth quarter 2008 sales numbers, revealing that Q4 2008 system sales were $114 million - down from $126 million in Q3 2008. In response, the Company's share price dropped to a close of $93.29 from its previous close of $96.01, a drop of nearly $250 per share, down from a 52-week high of $353.88. In addition, several analysts downgraded the stock to a "hold" from a "buy recommendation."

According to an order dated February 15, 2011, the Court granted the plaintiff’s motion for appointment of lead plaintiff and approval of its selection of lead counsel.

On April 15, 2011, an Amended Class Action Complaint was filed by Plaintiff’s Lead Counsel. The defendants responded by filing a motion to dismiss on May 23, 2011.

On August 10, 2011, the Court issued an Order Granting the Defendant's Motion to Dismiss, however, allowing the Plaintiff leave to amend. When alleging false statements, according to the Court, the Plaintiffs did not satisfy the pleading standards under the PSLRA when identifying false statements. Further, the Court did not find the Plaintiff's the allegations sufficient for pleading scienter to survive the motion to dismiss.

September 12, 2011, the Lead Plaintiff filed a Second Amended Complaint.

On May 22, 2012, the Court issued an Order Granting the Defendants' Motion to Dismiss Second Amended Complaint. The Clerk was directed to close the file.

On July 16, 2014, the Ninth Circuit affirmed the decision of the District Court dismissing this case.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: ISRG
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: N.D. California
DOCKET #: 10-CV-03451
JUDGE: Hon. Howard R. Lloyd
DATE FILED: 08/06/2010
CLASS PERIOD START: 02/01/2008
CLASS PERIOD END: 01/07/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Braun Law Group, P.C.
    10680 West Pico Boulevard, Suite 280, Braun Law Group, P.C., CA 90064
    310.836.6000 310.836.6000 ·
  2. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 10-CV-03451
JUDGE: Hon. Howard R. Lloyd
DATE FILED: 04/15/2011
CLASS PERIOD START: 02/01/2008
CLASS PERIOD END: 01/07/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (San Diego)
    12526 High Bluff Drive, Suite 300, Abraham, Fruchter & Twersky (San Diego), CA 92130
    858.792.3448 858.792.3448 ·
  2. Abraham, Fruchter & Twersky LLP
    One Penn Plaza, Suite 2805, Abraham, Fruchter & Twersky LLP, NY 10119
    (212) 279-5050 (212) 279-3655 ·
No Document Title Filing Date
No Document Title Filing Date