ENGLEWOOD CLIFFS, N.J., May 31, 2013 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP, a national law firm advocating for shareholder rights, announces that a lawsuit has been filed in the United States District Court for the Northern District of California alleging violations of federal securities laws by officers and directors of Intuitive Surgical, Inc. ("Intuitive Surgical" or the "Company") (Nasdaq:ISRG).
Any Intuitive Surgical investor wishing to serve as lead plaintiff in the above lawsuit must apply to the Court no later than June 25, 2013. If you are an Intuitive Surgical shareholder and wish to discuss this lawsuit or have any questions concerning your rights and interests, you may contact our Firm by calling 201-567-7377, or contacting the attorneys named below.
Intuitive Surgical manufactures robotic surgical systems, most notably the da Vinci Surgical System, which allows laparoscopic surgery to be performed remotely using robotic manipulators. On April 18, 2013, CNBC's Investigations, Inc. broadcasted an expose on the da Vinci Surgical System with interviews of doctors, lawyers, and patients who have filed lawsuits against Intuitive Surgical claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. In response to this news, the price of the Company's 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.
The complaint alleges that between October 19, 2011 and April 18, 2013 (the "Class Period"), defendants issued 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. The complaint also alleges the Company had failed to disclose that defects in the da Vinci Surgical System had caused a substantial number of patient injuries, not all of which were being reported to the U.S. Food and Drug Administration ("FDA"). Furthermore, the complaint alleges that Intuitive Surgical was engaging in sales practices that violated community standards and their own protocol agreed upon with the FDA, thereby exposing the Company to criminal and civil sanctions.
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 Surgical 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. While the Intuitive Surgical's stock was artificially inflated during the Class Period, the Company's senior executives sold close to 410,000 shares of their personally held Intuitive Surgical stock for proceeds of more than $218.6 million.
If you invested in Intuitive Surgical's stock or options and would like to discuss your legal rights, call Mark Gardy or Charles Germershausen at 201-567-7377 or e-mail mgardy@gardylaw.com or cgermershausen@gardylaw.com. Gardy & Notis, LLP also encourages anyone with information regarding Intuitive Surgical's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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