NEW YORK, Sept. 22, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of all persons who purchased or otherwise acquired the securities of IRadimed Corporation ("IRadimed" or the "Company") (Nasdaq:IRMD) during the period between July 15, 2014 and September 2, 2014, inclusive (the "Class Period").
The Complaint alleges that IRadimed failed to disclose that: (i) the Company's infusion pump systems had been significantly modified which could significantly affect the safety or effectiveness of the devices; (ii) as such under applicable federal regulations the Company's products are "adulterated" and "misbranded"; (iii) the Company's mRidium 3860+ infusion pump requires separate FDA clearance from the mRidium 3860 and mRidium 3850; and (iv) the Company failed to disclose the material uncertainties and risks that their products were adulterated or misbranded.
On September 3, 2014, the Company announced that it received a warning letter from the FDA. The warning letter requests that the Company immediately stop all activities that misbrand or adulterate its mRidium 3860 MRI infusion pump, mRidium 3850 MRI infusion pump, and the mRidium 3860+ MRI infusion pump. This news caused the Company's stock to fall $3.30 per share, or more than 30%, to close at $7.10 per share on September 3, 2014.
If you purchased IRadimed Corporation common stock during the Class Period, you may move to be appointed as lead plaintiff by November 10, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "IRadimed Investigation."