MINNEAPOLIS, Sept. 1, 2009 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of CardioNet, Inc. ("CardioNet" or the "Company") (Nasdaq:BEAT) publicly traded securities during the period April 30, 2009 through June 30, 2009 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 26, 2009. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that CardioNet knowingly or recklessly disregarded that it was currently experiencing reductions in its reimbursement rates for its Mobile Cardiac Outpatient Telemetry(tm) ("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.
On July 12, 2009, CardioNet disclosed that it had received a letter from Highmark Medicare Services ("Highmark") on July 10, 2009 stating that "effective September 1, 2009 Highmark was adjusting its reimbursement rate for MCOT services to $754 per service," an approximate 33% reduction in reimbursement from the current reimbursement rate of $1,123. On July 13, 2009, CardioNet's common stock declined by approximately 33% from $8.83 to $5.87.
If you purchased CardioNet, Inc. stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685