HOUSTON, June 21, 2005 (PRIMEZONE) -- Emerson Poynter LLP (www.emersonpoynter.com), a national law firm with offices in Houston, Little Rock, and Seattle, announced today that it has filed a class action today in the United States District Court for the Southern District of Texas (Case No. 4:05-cv-02121) on behalf of the purchasers of Cyberonics, Inc. (Nasdaq:CYBX) securities during the Class Period between June 15, 2004, through October 1, 2004, inclusive (the "Class"). A copy of the complaint filed in this action is available from the Court using the action number 4:05-cv-02121, or can be view on Emerson Poynter's website at: www.emersonpoynter.com.
Cyberonics engages in the design, development, and commercialization of medical devices, which claim to provide therapy, Vagus Nerve Stimulation (VNS), for the treatment of epilepsy and other debilitating neurological and psychiatric disorders. Plaintiff alleges that defendants violated the federal securities laws (Securities Exchange Act of 1934) during the Class Period, by failing to disclose and misrepresenting material adverse facts known to defendants or recklessly disregarded by them, including that defendants were engaged in serious violative manufacturing and quality practices that would have a serious negative impact on prospects for the Company's VNC product approval and that, while well aware of true nature of the serious issues facing FDA approval of the VNC system for the depression indication, Company insiders sold over $1.98 million of Company stock during the Class Period. As a result, the Complaint alleges, the value of the Company's stock was materially and artificially inflated during the Class Period.
If you purchased or otherwise acquired the common securities during the Class Period you may, no later than August 16, 2005 move the Court to appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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. You may retain Emerson Poynter LLP or other counsel of your choice.
Emerson Poynter LLP has substantial experience representing shareholders and investors in complex class action securities, consumer, and retirement plan litigation all over the country. A complete firm resume is posted on our website (http://www.emersonpoynter.com/resources/firmresume.pdf).
If you are a member of the Class please contact Emerson Poynter LLP. You may contact our shareholder relations department via email (epllp@emersonpoynter.com) or by calling 1-800-663-9817.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca