NEW YORK, Sept. 26, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of Canadian Imperial Bank of Commerce ("Spectranetics" or "the Company") (Nasdaq:SPNC) common stock during the period between March 16, 2007 to September 4, 2008 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Spectranetics common stock during the Class Period and wish to move the court for appointment of lead plaintiff, you must do so by November 24, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com, or visit our website at http://www.brualdilawfirm.com.
On September 4, 2008, the Company issued a press release announcing that it had been served by the Food and Drug Administration and U.S. Immigration and Customs Enforcement with a search warrant issued by the United States District Court, District of Colorado. The search warrant requested information and correspondence relating to the promotion, use, testing, marketing and sales of certain of the Company's products, among other things. As a result of this disclosure, Spectranetics' closing stock price dropped from $9.00 per share on September 3, 2008 to $4.73 the next day, and trading was halted.
The action alleges that during the Class Period, defendants made false and misleading statements about the Company's business operations and financial performance. Specifically, defendants failed to disclose that: (a) the Company was improperly promoting its own products and the products of third parties; (b) the Company was improperly compensating personnel, including personnel involved in two post-market studies of Spectranetics' products from 2002-2005; and (c) the Company was receiving parts from an international source in violation of customs laws.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca.