LOS ANGELES, July 22, 2005 (PRIMEZONE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of Possis Medical, Inc -- announces 11 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased Possis Medical, Inc. ("Possis" or the "Company") (Nasdaq:POSS) securities between September 24, 2002 and August 24, 2004, inclusive (the "Class Period"), may move the Court not later than August 2, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Possis and certain of the Company's executive officers with violations of federal securities laws. Plaintiff claims defendants' omissions and material misrepresentations during the Class Period artificially inflated Possis' stock price, inflicting damages on investors. Possis develops, manufactures and markets medical devices, including the AngioJet System -- a non surgical, minimally invasive catheter system designed to rapidly remove blood clots using a stream of water. The Complaint alleges that during the Class Period defendants failed to disclose and/or misrepresented material adverse facts, including that: (a) the AngioJet System, the Company's key product, was neither more effective than existing alternatives, including competing drug therapies, nor did AngioJet reduce significant procedural complications or significantly increase positive benefits such as improved blood flow or other similar effects; (b) the AngioJet could not be expanded as a "technology platform" because AngioJet was not in the first instance effective for routine use in a broad range of heart attack patients to reduce the size of a patient's damaged tissue area; and (c) as a result of the foregoing problems, Possis could not maintain its projected revenue growth or achieve sustained revenue growth targets as high as 35%.
The Complaint further alleges that defendants were motivated to and did conceal the true safety and efficacy of AngioJet, and defendants' ability to expand and develop Possis' AngioJet technology, because it enabled defendants to artificially inflate the price of Possis shares and then allowed defendants and other Company insiders to sell more than 361,730 shares of their privately held Possis stock to the unsuspecting public for proceeds in excess of $7.07 million while in possession of material adverse, non public information about the Company.
On August 24, 2004, it was disclosed that AngioJet failed to demonstrate clinical superiority in the majority of heart attack patients, causing Possis' share price to plummet more than 38%. As a result, the Company lost almost 40% of its market capitalization after Possis shares traded down more than $11.75 per share, to $19.00 per share, as defendants lowered the Company's 2005 earnings and revenue guidance.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than August 2, 2005, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.