NEW YORK, Nov. 16, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court, Northern District of California, against Hansen Medical, Inc. ("Hansen" or the "Company") (NYSE:HNSN) and certain of its top officials. The class action (09-CV-5367) was filed on behalf of persons or entities that purchased or otherwise acquired shares in Hansen during the period May 1, 2008 through October 18, 2009 inclusive, (the "Class Period"). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act, 15 U.S. C. Sections 78j(b) and 77t(a) and the Private Securities Litigation Reform Act.
Hansen develops products and technology using robotics for the accurate positioning, manipulation and control of catheters and catheter-based technologies. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, throughout the Class Period, Hansen improperly recognized revenue associated with the sale of its Sensei Robotic Catheter systems.
As a result of defendants' false and misleading statements, Hansen's stock traded at artificially inflated prices during the Class Period, reaching a high of $19.57 per share on May 13, 2008.
On October 19, 2009, Hansen shocked investors when it revealed that the audit committee of Hansen's board of directors, upon the recommendation of management, concluded that it would restate its financial results for 2008 and for the first and second quarters of 2009 because of errors in those financial statements, arising from "potential irregularities outside of the accounting department." In addition, Hansen indicated that the related press releases, reports and stockholder communications describing the Company's financial statements for the identified periods and the report of Hansen's independent registered accounting firm, PricewaterhouseCoopers LLP, related to the year ended December 31, 2008, should no longer be relied upon. According to the Company, Hansen identified systems for which revenue should have been recognized in a later period than the period in which it was recognized and revenue on systems that should have been reflected as deferred revenue on its balance sheet as of June 30, 2009. The audit committee's investigation was prompted by an anonymous "whistleblower" report the Company received in August 2009.
The impact of the October 19, 2009 disclosure was devastating. On that day, Hansen's stock price fell $.31 to $3.12, a one day decline of over 9%, on extremely high trading volume of more than 1.5 million shares, up from a three month average trading volume of 484,000.
If you are a shareholder who purchased the securities of Hansen during the Class Period, you have until December 22, 2009 to ask the Court to appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities. A copy of the complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Teresa L. Webb at (tlwebb@pomlaw.com) or 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the Burlingame, California, 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.