METAIRIE, La., Aug. 15, 2008 (PRIME NEWSWIRE) -- The Law Offices of Eric J. O'Bell, LLC ("O'Bell") announce that it is commencing an investigation into Power Medical Interventions, Inc. ("Power Medical" or the "Company") (Nasdaq:PMII) to determine whether possible securities law violations have occurred regarding the recent announcement that the Company suffered a wider than expected second quarter loss.
Shares of Power Medical fell 48 percent to their lowest levels ever on Thursday. One analyst stated that he was "discouraged by the multiple missteps on the manufacturing side, which have affected gross margins and stunted physician uptake," less than one year after the company went public in late 2007. The Company now expects 2008 loss from operations of $36 to $39 million, wider than its prior outlook of $27 to $29 million.
If you have information relevant to this investigation, or if you are a Power Medical shareholder who suffered losses in your investment, you may contact Eric J. O'Bell directly without obligation or cost to you at 504-456-8677; or by email to ejo@obelllawfirm.com.