LOS ANGELES, Jan. 13, 2009 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP -- representing shareholders of AtriCure, Inc. -- announces 28 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons or entities who purchased or otherwise acquired the securities of AtriCure, Inc. ("AtriCure" or the "Company") (Nasdaq:ATRC), between May 10, 2007 and October 31, 2008, inclusive (the "Class Period"), may move the Court not later than February 10, 2009, 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 AtriCure and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's business, operations and prospects, caused AtriCure's stock price to become artificially inflated, inflicting damages on investors. AtriCure is a medical device company engaged in the development, manufacture and sale of cardiac surgical ablation systems designed to create precise lesions, or scars, in cardiac tissue.
The Complaint alleges that defendants fraudulently inflated AtriCure's securities prices by improperly promoting its products to physicians and improperly causing the filing of false claims for reimbursement. On October 31, 2008, AtriCure shocked investors when the Company revealed that it had received a letter from the U.S. Department of Justice-Civil Division (the "DOJ") informing the Company that the DOJ was conducting an investigation for potential False Claims Act and common law violations relating to the Company's surgical ablation devices.
AtriCure further disclosed that, specifically, the DOJ was investigating the Company's marketing practices utilized in connection with AtriCure's surgical ablation system to treat atrial fibrillation, a specific use outside the Federal Food and Drug Administration's 510(k) clearance. Moreover, the Company revealed that the DOJ was investigating whether AtriCure instructed hospitals to bill Medicare for surgical ablation using incorrect billing codes. As a result of this news, the Company's shares declined $2.53 per share, or 39.41 percent, to close on November 3, 2008, at $3.89 per share, on unusually heavy trading volume.
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 February 10, 2009, 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, or Richard A. Maniskas, 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.