BERKELEY, Calif.--(BUSINESS WIRE)--Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, today notified investors of a pending June 25, 2013, deadline to file for lead plaintiff in a securities class-action lawsuit brought again Intuitive Surgical, Inc. (NASDAQ: ISRG) (“ISRG” or “the company”). The firm encourages investors with more than $500,000 in losses to contact Hagens Berman Partner Reed Kathrein to discuss moving for lead plaintiff by emailing ISRG@hbsslaw.com or calling (510) 725-3000.
Investors who purchased ISRG common stock between Oct. 19, 2011, and April 18, 2013, (the “class period”) and have more than $500,000 in losses can also reach an attorney by visiting http://www.hb-securities.com/investigations/ISRG.
The lawsuit, filed in U.S. District Court for the Northern District of California on April 26, 2013, alleges that ISRG issued a series of false or misleading statements to investors during the class period. The suit alleges that ISRG failed to fully disclose to investors the financial impact of safety problems with its da Vinci Surgical System, including a number of deaths allegedly caused by the system.
A number of lawsuits have been filed against the company seeking damages for injuries caused by da Vinci. Following media coverage of those suits, ISRG’s stock price suffered a significant decline. The filed investor lawsuit claims that ISRG deceived investors regarding the risk of Food and Drug Administration action against the company.
“We are concerned that ISRG failed to come clean with investors, especially in light of a significant number of deaths reported to the FDA,” said Mr. Kathrein. “We are concerned that the company may be exposed to significant financial losses, either due to potential FDA restrictions on da Vinci or damages in pending personal injury lawsuits.”
Investors who wish to serve as lead plaintiff in the case must move the court no later than June 25, 2013. Any member of the putative 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.
Hagens Berman reminds whistleblowers with inside information that rewards may be available to individuals who report information leading to a successful enforcement action by the Securities and Exchange Commission. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The Firm’s securities law blog is at http://www.meaningfuldisclosure.com.