NEW YORK, Nov. 12, 2008 (GLOBE NEWSWIRE) -- The law firm of Milberg LLP (http://www.milberg.com) is continuing to investigate potential conduct allegedly involving The Spectranetics Corporation ("Spectranetics") (Nasdaq:SPNC) certain of its officers and/or directors which took place from approximately February 2007 to September 2008. This alleged misconduct involved, among other things, the improper promotion of Spectranetics products and the products of others; the improper payment of persons involved in two prior post-market studies of important Spectranetics' products; and the improper receipt of parts for its products in violation of customs laws. Spectranetics reportedly develops, manufactures, markets, and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system for use with Spectranetics' excimer laser system.
On September 4, 2008, the Company issued a press release revealing that it had been served by the United States Food and Drug Administration and the United States Immigration and Customs Enforcement with a search warrant issued by the United States District Court, District of Colorado. The search warrant reportedly sought information and correspondence relating to the promotion, use, testing, marketing, and sales of certain of the Company's products, among other things. As a result of this disclosure, Spectranetics' closing stock price dropped from $9.00 per share on September 3, 2008 to $4.73 the next day, and trading was halted.
On September 15, 2008, it was announced that a physicians group running a study of the use of Spectranetics lasers with nitinol stents has voluntarily stopped enrollment in the study to address safety concerns, and that the decision to halt enrollment in this trial came after the FDA contacted it about potential safety concerns.
On September 25, 2008, Spectranetics also revealed that it has been named as a defendant in several class action lawsuits filed in United States District Court for the District of Colorado, and that the United States Securities and Exchange Commission has requested documents from Spectranetics in connection with an investigation into its operations.
At least one former employee has also brought suit against Spectranetics for wrongful termination and made allegations similar to certain of those discussed above, and Milberg LLP's own independent investigation has also revealed additional information pertinent to this matter.
If you purchased Spectranetics stocks between February 22, 2007 and September 4, 2008 and/or have information relevant to the matters discussed above, we invite you to contact us to discuss the situation.
Milberg LLP represents individual and institutional investors and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (http://www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:
Jeff S. Westerman One California Plaza 300 South Grand Avenue, Suite 3900 Los Angeles, California 90071 Phone number: (213) 617-1200 Kent A. Bronson Milberg LLP One Pennsylvania Plaza, 48th Floor New York, NY 10119-0165 Phone number: (800) 320-5081 Email: contactus@milberg.com
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