CINCINNATI, Dec. 21, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising
The law firm of Statman, Harris & Eyrich, LLC, which has significant experience in class actions, announced today that a shareholder complaint has been commenced in the United States District Court, Southern District of California, on behalf of purchasers of the common stock of Genoptix, Inc. ("Genoptix" or the "Company") (Nasdaq:GXDX).
The complaint alleges Genoptix and certain of its officers and directors violated federal securities laws when they issued false statements projecting that the Company's approach to hematology and oncology testing and diagnostics would cause the Company's market share to double or triple in the next three to five years, while failing to disclose that Genoptix's business model was not working and was actually causing Genoptix to lose market share. As a result of defendants' false statements, Genoptix's stock traded as high as $38.79 per share on April 30, 2010.
On May 6, 2010, Genoptix announced first quarter 2010 financial results far below consensus, the news causing the Company's stock to fall $8.37 per share, a decline of approximately 23%. Additionally, on June 16, 2010, Genoptix issued a press release providing a first look at its second quarter 2010 performance and reducing revenue and earnings guidance for the full year. On this news, Genoptix fell another $5.69 per share to $17.19 per share on June 16, 2010, a drop of approximately 25%.
Shareholders who purchased Genoptix, Inc. stock between July 31, 2009 and June 15, 2010 may have a claim against the Company and are encouraged to contact attorney Melinda Nenning at (513) 345-8181, Ext. 3095 or mnenning@statmanharris.com for further information without any obligation or cost to you.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio.