Shareholder Class Action Filed Against Advanced Neuromodulation Systems, Inc. By the Law Firm of Schiffrin & Barroway, LLP
09 März 2005 - 12:22AM
PR Newswire (US)
Shareholder Class Action Filed Against Advanced Neuromodulation
Systems, Inc. By the Law Firm of Schiffrin & Barroway, LLP
RADNOR, Pa., March 8 /PRNewswire/ -- The following statement was
issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the
United States District Court for the Eastern District of Texas on
behalf of all purchasers of all securities purchasers of the
Advanced Neuromodulation Systems Inc. (NASDAQ:ANSI) ("ANSI" or the
"Company") between April 24, 2003 and February 16, 2005, inclusive
(the "Class Period"). 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 Schiffrin &
Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.)
toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at .
The complaint charges ANSI, Christopher G. Chavez, and F. Robert
Merrill III, with violations of the Securities Exchange Act of
1934. More specifically, the Complaint alleges that the Company
failed to disclose and misrepresented the following material
adverse facts which were known to defendants or recklessly
disregarded by them: (1) that the Company engaged in undisclosed
and improper promotional practices; (2) that the Company offered
physicians $1,000 if they implanted a pain-management device in
certain patients for a five-day trial; (3) that the Company through
the use of improper promotional practices induced physicians to
implant ANSI's devices, thereby inflating the Company's revenue;
and (4) as a result of the improper promotional practices the
Company was able to capture 20 percent of the market and triple its
stock price over five years. On February 17, 2005, ANSI reported
that it had received a subpoena from the Inspector General,
Department of Health and Human Services, requesting documents
related to certain of the Company's sales and marketing,
reimbursement, Medicare and Medicaid billing, and certain other
business practices. News of this shocked the market. Shares of ANSI
fell $8.23 per share or 22 percent, on February 17, 2005, to close
at $29.37 per share. Plaintiff seeks to recover damages on behalf
of class members and is represented by the law firm of Schiffrin
& Barroway, which prosecutes class actions in both state and
federal courts throughout the country. Schiffrin & Barroway is
a driving force behind corporate governance reform, and has
recovered in excess of a billion dollars on behalf of institutional
and high net worth individual investors. For more information about
Schiffrin & Barroway, or to sign up to participate in this
action online, please visit http://www.sbclasslaw.com/. If you are
a member of the class described above, you may, not later than May
2, 2005 move the Court to serve as lead plaintiff of the class, if
you so choose. A lead plaintiff is a representative party that acts
on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that
the class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Schiffrin &
Barroway, or other counsel of your choice, to serve as your counsel
in this action. CONTACT: Schiffrin & Barroway, LLP Marc A.
Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor,
PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail
at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A.
Topaz, Esq. or Darren J. Check, Esq. of Schiffrin & Barroway,
LLP, +1-888-299-7706, or +1-610-667-7706, Web site:
http://www.sbclasslaw.com/
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