Mindray Medical International Limited is a Chinese medical device company that manufactures products for both human and veterinary use.
The Complaint charges the Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The Complaint alleges that during the class period, Defendants issued materially false and misleading statements regarding the Company’s business and prospects. Specifically, the Plaintiffs state that the Defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing declining sales domestically, as a result of a lack of Chinese government tenders and a slowdown in non-tender Chinese sales; (b) that the Company’s sales of its diagnostics and ultrasound equipment were not performing according to internal expectations; (c) that the Company was finding increased competition in penetrating the market for larger hospital systems in China; and (d) that, as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
In June and July 2010, information leaked into the market concerning issues with the Company’s business and operations, and the price of shares declined during this time period. Then, on August 9, 2010, the Company announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, the Company reported net revenues of $179.2 million, net income of $42.3 million and basic and diluted earnings per share were $0.37 and $0.36, respectively. In reaction to the Company’s announcement, the price of the Company’s shares fell $5.15, or 16%, to close at $27.35, on August 10, 2010.
On September 28, 2011, Judge Naomi Reice Buchwald granted the motion to appoint the Local 191 I.B.E.W. Joint Trust Funds as lead Plaintiff and Robbins Geller Rudman & Dowd LLP as lead Counsel.
According to the order and notice of voluntary dismissal signed by Judge Naomi Reice Buchwald on December 20, 2011, the Plaintiff(s) and or their Counsel(s), hereby give notice that the above-captioned action is voluntarily dismissed without prejudice against the Defendant(s).
