PHILADELPHIA, Aug. 27, 2009 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. commenced a class action lawsuit in the United States District Court, Eastern District of Pennsylvania, 09cv3894, on behalf of common stock purchasers of CardioNet, Inc. ("CardioNet" or the "Company")(Nasdaq:BEAT) between April 30, 2009 and June 30, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934. The action is pending before the Honorable Stewart Dalzell. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member.
The complaint charges CardioNet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CardioNet is the leading provider of ambulatory, continuous, real-time outpatient management solutions for the monitoring of clinical information on an individual's health.
During the Class Period, defendants made positive statements about the Company's revenues and earnings knowingly or recklessly disregarded that it was currently experiencing reductions in its reimbursement rates for its MCOT services and that these reimbursement rates were under review by payors, and a reduction in rates could result in the Company's current independent business model not being economically viable. Defendants' financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact because it was based on the current $1,123.07 rate for the MCOT system, which rate Defendants knew was under review by payors and which was likely to be reduced because of, inter alia, the cost-driven reimbursement environment which was driving down virtually all reimbursement levels set by commercial providers.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of CardioNet, Inc. between April 30, 2009 and June 30, 2009, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan R. Gross, Esq.
Deborah R. Gross, Esq.
Telephone: 866-561-3600 (toll free) or 215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com