LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming October 26, 2015 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of investors who purchased 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”).
Spectranetics develops, manufactures, markets, and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Complaint alleges that defendants misled investors regarding increasing competition; that the Company’s sales force optimization efforts were inadequate; and that the Company was experiencing poor financial performance.
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, or if you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.