NEW YORK, May 2, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action has been filed in the United States District Court for the Northern District of California on behalf of purchasers of common stock of Intuitive Surgical, Inc. ("Intuitive Surgical" or the "Company") (Nasdaq:ISRG) during the class period of between October 19, 2011, and April 18, 2013 ("Class Period"). The complaint charges Intuitive and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
If you purchased Intuitive Surgical between October 19, 2011, and April 18, 2013, you may, no later than June 25, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased Intuitive and want more information about the Intuitive Surgical securities fraud class action, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
The complaint alleges that throughout the Class Period, defendants issued a series of materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while at the same time announcing quarter after quarter of record financial results. As a result of defendants' efforts to conceal significant safety and efficacy problems with the da Vinci Surgical System and their false statements concerning the Company's business metrics and financial prospects, Intuitive stock traded at artificially inflated prices during the Class Period, reaching a Class Period high of nearly $595 per share in intraday trading by April 18, 2012.
On April 18, 2013, CNBC's Investigations, Inc. broadcast an expose on the da Vinci Surgical System consisting of interviews with patients who have filed lawsuits against Intuitive claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. Following this news, the price of Intuitive stock fell $8.62 per share to close at $484.75 per share on April 19, 2013, down nearly 19% from its Class Period high of $595 per share.
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