MINNEAPOLIS, July 15, 2005 (PRIMEZONE) -- The law firm of Zimmerman Reed PLLP announced today that it has filed, along with Lerach Coughlin Stoia Geller Rudman & Robbins, LLP ("Lerach Coughlin"), a class action lawsuit in the United States District Court for the District of Minnesota, on behalf of investors in Possis Medical, Inc. (NASDAQ:POSS) who purchased common stock on the open market between September 25, 2002 and August 24, 2004 (the "Class Period").
The shareholder bringing the lawsuit is a resident of Orange County, CA who purchased Possis securities on the open market during the Class Period. You can review the Complaint at the Zimmerman Reed website: www.zimmreed.com or at the Lerach Coughlin website: www.lerachlaw.com.
The Complaint alleges that Possis and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 by issuing a series of materially false statements during the Class Period, thereby artificially inflating the price of Possis securities and inflicting damages on investors.
The shareholder seeks to recover damages on behalf of all Class members. During the course of the Class Period, the stock traded as high as $34/share and has recently been trading around $10/share. If you bought Possis common stock between September 25, 2002 and August 24, 2004, and you wish to serve as lead plaintiff, you must make a motion to the Court no later than August 2, 2005. Any member of the purported Class may move the Court to serve as lead plaintiff through Zimmerman Reed and Lerach Coughlin or other counsel of their choice, or may choose to do nothing and remain an absent Class member.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call attorneys Carolyn Anderson or Bob Moilanen at Zimmerman Reed in Minneapolis at 1-800-755-0098 or Lerach Coughlin in San Diego at 1-800-449-4900.