The Brualdi Law Firm, P.C. Announces Class Action Lawsuit Against Zynex, Inc.


NEW YORK, April 17, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court of Colorado on behalf of purchasers of Zynex, Inc. (OTCBB:ZYXI) formerly known as Zynex Medical Holdings, Inc. (collectively "Zynex" or the "Company") securities between May 21, 2008 and March 31, 2009 inclusive (the "Class Period") for violations of the federal securities laws.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Zynex securities during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by June 8, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.

The Complaint charges Zynex, its CEO Sandgaard, and CFO Allison (the "Defendants") with violations of the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with Zynex's issuance of materially false financial statements to the investing public during the Class Period. According to the Complaint, the Defendants, in violation of the Generally Accepted Accounting Principles and Zynex's own internal polices, misstated the Company's reported net revenues and accounts receivable for the first three quarters of fiscal 2008.

On April 1, 2009 Zynex announced that its unaudited financial statements and press releases issued on results for the first three quarters of 2008 can no longer be relied upon and would have to issue restated financial results to reflect adjustments to accounts receivable and net revenue for such periods. The Company announced that it believed the cumulative impact of these adjustments would be $5.1 million. This adverse news caused Zynex's stock price to fall dramatically, injuring Zynex shareholders.



            

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