NEW YORK--(BUSINESS WIRE)--The law firm of Wohl & Fruchter LLP announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California alleging violations of federal securities laws by officers and directors of Intuitive Surgical, Inc. (Intuitive) (Nasdaq: ISRG).
Any ISRG investor wishing to serve as lead plaintiff in the above lawsuit must apply to the Court no later than June 25, 2013. If you are an ISRG shareholder and wish to discuss this lawsuit or have any questions concerning your rights or interests, you may contact our Firm by calling 866.582.8140, or contacting the attorney named below.
Intuitive manufactures and markets the da Vinci robotic surgical system, which consists of robotic arms tipped with tiny surgical tools that allow surgeons to perform minimally invasive surgeries on patients remotely from a computer terminal with joy-stick-like controls.
The complaint in the lawsuit alleges that the defendants issues a series of materially false and misleading statements concerning the purported safety and effectiveness of the da Vinci system. The complaint further alleges that the true facts, concealed from the investing public, were that, among other things, (i) defects in the da Vinci system had caused a substantial number of patient injuries and deaths resulting in a substantial number of adverse incident reports; (ii) not all of the adverse incidents were reported to the FDA; and (iii) as a result of such adverse incidents, Intuitive exposed itself to hundreds of millions of dollars in potential civil liability and criminal sanctions.
Since February 27, 2013, the day before the FDA announced a survey of surgeons concerning medical complications associated with use of the da Vinci system, ISRG stock has fallen over 15% from $573.52/share to a close of $486.76 on April 22, 2013, resulting in a loss of nearly $3.5 billion in shareholder value.
Additional information, including links to a recent media expose of the da Vinci system, statements issued by the medical community concerning the da Vinci system, and a court order denying Intuitive’s motion for summary judgment in a recent product liability lawsuit relating to the da Vinci system, are available on our website at: http://www.wohlfruchter.com/cases/isrg.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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