MINNEAPOLIS, Oct. 17, 2008 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of Spectranetics Corporation ("Spectranetics" or the "Company") (Nasdaq:SPNC) publicly traded securities during the period April 19, 2007 through September 4, 2008 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before November 24, 2008. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint 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: 1) the Company was improperly promoting its own products and the products of third parties; 2) the Company was improperly compensating personnel, including personnel involved in two post-market studies of Spectranetics' products from 2002-2005; and 3) the Company was receiving parts from an international source in violation of customs laws.
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.
If you purchased Spectranetics Corporation securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact: