DENVER, Sept. 24, 2008 (GLOBE NEWSWIRE) -- The Denver-based law firm of Dyer & Berens LLP today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of all purchasers of The Spectranetics Corporation ("Spectranetics" or the "Company") (Nasdaq:SPNC) publicly traded securities between April 19, 2007 and September 4, 2008, inclusive (the "Class Period"). The complaint charges Spectranetics and certain of its officers and directors with violations of the Securities Exchange Act of 1934. A copy of the complaint is available online at www.DyerBerens.com.
If you wish to serve as a lead plaintiff, you must move the Court no later than 60 days from September 23, 2008. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com.This e-mail address is being protected from spam bots, you need JavaScript enabled to view it Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that, during the Class Period, defendants made false and misleading statements to the market about the Company's business operations and financial performance. For instance, defendants failed to disclose that: (a) the Company was improperly promoting its own products and the products of third parties; (b) the Company was improperly compensating personnel, including personnel involved in two post-market studies of Spectranetics' products from 2002-2005; and (c) the Company was receiving parts from an international source in violation of customs laws.
As a result, on September 4, 2008, Spectranetics disclosed that the Food and Drug Administration and U.S. Immigration and Customs Enforcement had served search warrants on the Company, and confirmed that the NASDAQ had halted trading of the Company's common stock pending the announcement. On this news, Spectranetics' closing stock price plummeted from $9.00 per share on September 3, 2008 to $4.73 the next day.
Plaintiff seeks to recover damages on behalf of all purchasers of Spectranetics securities during the Class Period. The plaintiff is represented by Dyer & Berens LLP, which has extensive expertise in prosecuting investor class actions in Colorado and throughout the country. Over the years, the firm's efforts have contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.