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Case Status:    ONGOING    
On or around 08/29/2016 (Ongoing date of last review)

Filing Date: August 27, 2015

According to the law firm press release, Spectranetics develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was being negatively impacted by increasing competition; (2) that the Company’s sales force optimization efforts were inadequate; (3) that, as a result, the Company was performing below expectations; (4) that the Company lacked adequate internal controls; and (5) that, as a result of the foregoing, Defendants’ statements about Spectranetics’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.

On April 23, 2015, the Company reported disappointing earnings results and lowered its forecast for the rest of the year. The Company attributed much of the lowered forecast to increased competition from other drug-coated balloon products. Following this news, shares of Spectranetics declined $8.18 per share, over 23%, to close on April 24, 2015, at $26.52 per share, on unusually heavy volume.

On July 23, 2015, the Company lowered revenue guidance for the remainder of 2015. According to the Company, competitive pressure from the rapid adoption of drug-coated balloons and ongoing sales force optimization efforts were causing its AngioSculpt franchise to perform below expectations. On this news, shares of Spectranetics declined $8.53 per share, over 34%, to close on July 24, 2015, at $16.30 per share, on unusually heavy volume.

Plaintiffs filed an amended complaint on March 1, 2016.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: SPNC
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: D. Colorado
DOCKET #: 15-CV-01857
JUDGE: Hon. Kristen L. Mix
DATE FILED: 08/27/2015
CLASS PERIOD START: 02/19/2015
CLASS PERIOD END: 07/23/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  3. The Shuman Law Firm
    885 Arapahoe Avenue, The Shuman Law Firm, CO 80302
    303.861.3003 303.861.3003 ·
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 15-CV-01857
JUDGE: Hon. Kristen L. Mix
DATE FILED: 03/01/2016
CLASS PERIOD START: 02/27/2014
CLASS PERIOD END: 07/23/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
  2. The Shuman Law Firm
    885 Arapahoe Avenue, The Shuman Law Firm, CO 80302
    303.861.3003 303.861.3003 ·
  3. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date