Purchased common stock of Stereotaxis, Inc. during the period between Feb. 28, 2011 and Aug. 9, 2011, and either lost money on the transaction or still hold the shares? Contact Gilman Law LLP now to exercise your rights! Deadline Dec. 9th 2011
Naples, FL (PRWEB) October 20, 2011
Gilman Law LLP, A National Law Firm Representing the Victims of Securities Fraud, is Actively Investigating a Class Action Lawsuit on Behalf of Investors in Stereotaxis, Inc.
Gilman Law LLP, a prominent national securities law firm, is investigating allegations on behalf of Stereotaxis, Inc. shareholders that certain of the Company’s officers and directors violated the Securities Exchange Act of 1934 by failing to disclose material information to the investing public. If you purchased the common stock of Stereotaxis, Inc. during the period between February 28, 2011 and August 9, 2011, and either lost money on the transaction or still hold the shares, you must contact Gilman Law LLP no later than December 9, 2011 in order to exercise your legal rights for PSLRA. You can still file with Gilman Law LLP after that date for other options.
A class action lawsuit filed on October 7, 2011 in U.S. District Court for the Eastern District of Missouri, Eastern Division alleges that during the class period, certain officers and directors at Stereotaxis, including Chief Executive Officer Michael Kaminski, caused Stereotaxis common stock to trade at artificially high prices by issuing a series of positive statements to investors about the business condition and future prospects of the Company that were materially false and misleading securities.stanford.edu/1047/STXS00_01/2011107_f02c_1101752.pdf (Case No. 11-CV-01752). According to the complaint, these statements failed to disclose that:
1. Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner.
2. Market feedback from users of the Company's technology was "mixed."
3. The Niobe cardiology instrument control system was far from the "standard of care" and needed "fundamental product improvements."
4. Demand for the Niobe system, as well as the Odyssey data management system, was weak, and that the number of units being sold was decreasing.
5. The reported backlog of orders did not fairly represent future revenue the Company expected to recognize.
6. The Company overstated its market edge.
On August 8, 2011, Stereotaxis announced losses of $9.7 million and second quarter financial results for 2011 that were well below expectations stltoday.com/business/local/article_62938222-3bc4-5deb-b278-ba0b3dcf7e83.html . In addition, the Company suspended its full year guidance for 2011, and announced that the Chief Financial Officer was resigning. A day later, the Company’s shares plummeted 58% on the news, closing at just $1.19 per share.
Stereotaxis shareholders who are members of the Class must contact Gilman Law LLP no later than December 9, 2011 if they wish to seek appointment as lead plaintiff in the class action lawsuit. While share in any recovery is not affected by lead plaintiff status, that individual will act on behalf of other class members in directing the litigation, including determining whether and how much of a settlement to accept in the lawsuit. The lead plaintiff will be selected by the Court among applicants claiming the largest loss from investment in Stereotaxis during the class period.
Gilman Law LLP has extensive experience representing both individual and institutional investors in securities class action lawsuits, and has recovered over a billion dollars for its clients. Gilman Law is ready to assist investors nationwide who have sustained losses as a result of the misleading statements made by Stereotaxis officers and directors. For more information on the Stereotaxis, Inc. investor class action lawsuit, please visit http://www.gilmanlawllp.com or http://www.gilmanlawsecuritiesstocksbondsfraud.com. For a free evaluation of your case please contact Gilman Law TOLL FREE at (888) 252-0048.
About Gilman Law LLP Gilman Law LLP, a leading national law firm with offices in Florida and Massachusetts, has been recognized for delivering successful results to their clients across a broad range of claims stemming from securities fraud, consumer product injury, mass tort, and class action lawsuits. For over 32 years, the Gilman Law LLP team of highly experienced lawyers has earned renown for tireless work on behalf of their clients on many of today’s most challenging and important legal issues.
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