The Law Firm of Goldman Scarlato & Karon, P.C. Announces the Filing of a Class Action Lawsuit Against Advanced Neuromodulation S
02 März 2005 - 5:01PM
PR Newswire (US)
The Law Firm of Goldman Scarlato & Karon, P.C. Announces the
Filing of a Class Action Lawsuit Against Advanced Neuromodulation
Systems Inc. PHILADELPHIA, March 2 /PRNewswire/ -- Goldman Scarlato
& Karon, P.C., a law firm with offices in Philadelphia, PA and
Cleveland, OH, announces that a lawsuit has been filed in the
United States District Court for the Eastern District of Texas, on
behalf of persons who purchased or otherwise acquired publicly
traded securities of Advanced Neuromodulation Systems Inc.
("Advanced Neuromodulation" or the "Company") (NASDAQ:ANSI) between
April 24, 2003 and February 16, 2005, inclusive, (the "Class
Period"). The lawsuit was filed against Advanced Neuromodulation,
Christopher G. Chavez and F. Robert Merrill III ("Defendants"). If
you are a member of this class and wish to view a copy of a
complaint and join this class action, please e-mail us at and
request a copy of the complaint and a plaintiff certification. If
you are a member of the Class, you may move the Court no later than
May 2, 2005 to serve as a lead plaintiff for the Class. Any member
of the purported class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member. However, if you choose
to remain an absent class member, unless and until a class is
certified, you are not represented by counsel. The complaint
alleges that Defendants violated Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder. Specifically, the complaint alleges that Defendants'
statements regarding the Company's performance and financial
results were materially false and misleading because as a part of
its marketing strategy, the Company improperly paid certain
physicians a $1,000 incentive for each device implanted in
patients, that the Company's growth was materially driven by
improperly paying physicians to recommend and implant the Company's
products in patients, and that the Company's relationship with its
physicians was based upon improper payments and not growing market
acceptance of its products. On February 17, 2005, before the market
opened, Defendants revealed that the Company had received a
subpoena from the Inspector General, Department of Health and Human
Services, requesting documents related to the Company's sales and
marketing, reimbursement, Medicare and Medicaid billing and other
business practices. In addition, the Company announced that
revenues in the first quarter of 2005 could be below expectations.
In reaction to these announcements, shares of Advanced
Neuromodulation fell from $37.60 per share on February 16, 2005 to
$29.37 per share on February 17, 2005, representing a decline of
22%. If you bought Advanced Neuromodulation securities between
April 24, 2003 and February 16, 2005, inclusive, and would like to
obtain information about the lawsuit, then you are invited to call
(888) 753-2796 to speak with an advisor. DATASOURCE: The Law Firm
of Goldman Scarlato & Karon, P.C. CONTACT: Mark S. Goldman,
Esq. of The Law Firm of Goldman Scarlato & Karon,
+1-888-753-2796
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