NEW YORK, Sept. 15, 2009 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit 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) stock during the period between April 30, 2009 and June 30, 2009 (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 CardioNet common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by October 26, 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 www.brualdilawfirm.com.
The Complaint charges that CardioNet and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following: (i) that the Company was experiencing reductions in its reimbursement rates for its Mobile Cardiac Outpatient Telemetry ("MCOT") services and that these reimbursement rates were under review by payors; (ii) a reduction in rates could result in the Company's current independent business model not being economically viable; and (iii) defendants' financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact because it was based on the current rate for the MCOT system, which defendants knew was likely to be reduced because of the cost-driven reimbursement environment which was driving down virtually all reimbursement levels set by commercial providers.
The Brualdi Law Firm, P.C. is New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, www.brualdilawfirm.com, and upon request from the firm. Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.