Cardiovascular Systems, Inc. Securities Litigation
On or around 01/12/2018 (Other)
Filing Date: February 12, 2016
According to the law firm press release, the lawsuit alleges throughout the Class Period Defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Cardiovascular Systems distributed illegal kickbacks to health care providers; (2) Cardiovascular Systems engaged in the off-label promotion of its medical devices; and (3) Cardiovascular Systems violated FDA laws and regulations in connection with its medical devices. As a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
The first filed case was voluntarily dismissed on April 26, 2016. A later filed action in the District of Minnesota continues under 16-CV-00568.
Lead Plaintiff filed an amended Complaint on June 27, 2017. Defendants filed a Motion to Dismiss the amended Complaint on August 11. On January 10, 2018, the Court issued an Order granting Defendants' Motion to Dismiss, dismissing the case with prejudice.
Company & Securities Information
Defendant: Cardiovascular Systems, Inc.
Industry: Medical Equipment & Supplies
Headquarters: United States
Ticker Symbol: CSII
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.
First Identified Complaint
Caroline Paradis, et al. v. Cardiovascular Systems, Inc., et al.