HARTFORD, Conn., Oct. 3, 2007 (PRIME NEWSWIRE) -- The law firm of Schatz Nobel Izard P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of Florida on behalf of all persons who purchased the common stock of Micrus Endovascular Corp ("Micrus") (Nasdaq:MEND) between February 12, 2007 and September 17, 2007, inclusive (the "Class Period").
The complaint charges that Micrus and certain of its officers and directors violated federal securities laws. Specifically, defendants issued materially false and misleading statements during the Class Period and failed to disclose the following: (i) that sales at Micrus Design, one of the Company's key subsidiaries, were slowing dramatically and not meeting internal expectations as the subsidiary was encountering increasing competition; (ii) that the Company was experiencing increased regulatory issues in China and Japan which would delay and impede its ability to get its full complement of products approved for sale in those countries; and (iii) as a result of the foregoing, Defendants' positive statements about the Company, its earnings, products and prospects were lacking in a reasonable basis at all times and materially false and misleading.
On September 17, 2007, Micrus issued a press release announcing that it was revising its financial guidance and now expects fiscal 2008 revenues to be between $65 million and $75 million because of expected product approval delays in China as well as Japan and slower-than-anticipated sales in North America. On this news, the price of Micrus common stock dropped from $23.57 per share to $17.37 per share.
If you are a member of the class, you may, no later than December 3, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
While Schatz Nobel Izard P.C. has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Schatz Nobel Izard P.C. toll-free at (800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website: www.snilaw.com.