BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors of The Spectranetics Corporation (“Spectranetics” or the “Company”) (NASDAQ: SPNC), has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of a class (the “Class”) comprising purchasers of Spectranetics securities between February 19, 2015 and July 23, 2015, inclusive (the “Class Period”). Investors who suffered losses in excess of $50,000 are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights.
Spectranetics develops, manufactures, markets, and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Complaint alleges that defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was being negatively impacted by increasing competition; (2) that the Company’s sales force optimization efforts were inadequate; (3) that, as a result, the Company was performing below expectations; (4) that the Company lacked adequate internal controls; and (5) that, as a result of the foregoing, Defendants’ statements about Spectranetics’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On April 23, 2015, the Company reported disappointing earnings results and lowered its forecasts for the rest of the year. The Company attributed much of the lowered forecast to increased competition from other drug-coated balloon products. Following this news, shares of Spectranetics declined $8.18 per share, over 23%, to close on April 24, 2015, at $26.52 per share, on unusually heavy volume.
On July 23, 2015, the Company lowered revenue guidance for the remainder of 2015. According to the Company, competitive pressure from the rapid adoption of drug-coated balloons and ongoing sales force optimization efforts were causing its AngioSculpt franchise to perform below expectations. On this news, shares of Spectranetics declined $8.53 per share, over 34%, to close on July 24, 2015, at $16.30 per share, on unusually heavy volume.
If you purchased shares of Spectranetics during the Class Period you may move the Court no later than October 26, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, toll-free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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