NEW YORK, Feb. 17, 2012 (GLOBE NEWSWIRE) -- Shareholders of TranS1 Inc. ("TranS1" or the "Company") (Nasdaq:TSON) are reminded of the securities class action lawsuit filed against the Company and certain of its officers. The class action (12-cv-00023), filed in the United States District Court, Eastern District of North Carolina, is on behalf of a class consisting of all persons or entities who purchased TranS1 securities during the period between February 21, 2008 and October 17, 2011, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b) and 78t(a); and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. Section 240.10b-5.
If you are a shareholder who purchased TranS1 securities during the Class Period, you have until March 26, 2012 to ask the Court to appoint you as lead plaintiff for the class. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Rachelle R. Boyle at rrboyle@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x350. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
TranS1 designs, develops, and markets medical devices to treat degenerative disc disease affecting the lower lumbar region of the spine. The Complaint alleges that, during the Class Period, TranS1 made false and/or misleading statements or failed to disclose that: (1) the Company was not in compliance with federal healthcare fraud and false claim statutes; (2) the Company engaged in improper reimbursement practices; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On October 18, 2011, after the market closed, TranS1 disclosed that it had received a subpoena from the Department of Health and Human Services Office of Inspector General. The subpoena requests documents for the period January 1, 2008 through October 6, 2011. Upon these revelations, TranS1 shares declined $1.27 or more than 40%, to close at $1.85 on October 18, 2011.
The Pomerantz Firm, with offices in New York, Chicago and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.