If you have purchased shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) between October 19, 2011 and April 18, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 06/25/2013
The complaint says that the officers and directors at the company violated the Securities Exchange Act of 1934. The suit was issued by the plaintiff on behalf of all purchasers of the common stock during the time period of October 19, 2011 to April 18, 2013.
The plaintiff specifically states that during this time period, the defendants released false and misleading statements. During a time of record financial results, the defendants vouched for the safety of da Vinci Surgical System. These statements were alleged to be false by the defendant and deliberately misleading. The defendants allegedly tried to conceal problems that were occurring with the safety and effectiveness of products by da Vinci Surgical System. Part of the issue was tied to problems with Intuitive Surgical’s business metrics. From October 19, 2011 to April 18, 2013, this led the stock to trade at extremely inflated prices. On April 18, 2012, the stock reached an intraday high of almost $595 per share.
In addition, the investor alleges that from October 19, 2011 to April 18, 2013, the stock was at inflated price levels. During this time, senior executives at the company sold off 410,000 stares that they personally held. Altogether, this accounted for $218.6 million.
By March 5, 2013, there were ten lawsuits against Intuitive Surgical that had been initiated over the last 14 months. The Food and Drug Administration had linked 70 deaths to incident reports about Intuitive Surgical.
On April 18, 2013, a public broadcast showed an expose on da Vinci Surgical System. It featured interviews from notable lawyers, doctors and patients. Many of these patients were individuals who had filed lawsuits due to injuries that they claimed were received by doctors using da Vinci Surgical System. On the broadcast, a past employee of the company stepped forward anonymously. She told about complications that were not listed in the Food and Drug Administration’s MAUDE database.
From their peak of $583.67 on February 1, 2013, shares of Intuitive Surgical dropped to a trough of $466.18 per share on April 19, 2013.
Own shares of Intuitive Surgical, Inc. (NASDAQ:ISRG)? Contact us to protect your rights.
If you have purchased shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) between October 19, 2011 and April 18, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.