| Company: | Cyberonics, Inc. |
| Ticker Symbol: | NASD: CYBX |
| Class Period: | February 5, 2004 to August 1, 2006 |
| Date Filed: | Dec-18-06 |
| Lead Plaintiff Deadline: | Feb-14-07 |
| Court: | Southern District, TX |
| Allegations: |
The first amended class action complaint has been filed in the S. District Court for the Southern District of Texas on behalf of purchasers of Cyberonics, Inc. ("Cyberonics") (NASDAQ:CYBX) securities during the period from February 5, 2004, through August 1, 2006, inclusive.
The First Amended Complaint ("Amended Complaint") charges Cyberonics and certain of its current and former officers and directors with violations of the Securities Exchange Act of 1934. The Amended Complaint alleges defendants failed to disclose and misrepresented material information known to defendants regarding FDA review and approval of a new use for the company's Vagus Nerve Stimulation ("VNS") device to treat depression, the marketability of the VNS device and medical insurance "Payers" coverage decisions for the device. The Amended Complaint also alleges improper conduct related to the award of stock option grants to certain senior Cyberonics officers, including that the options were fraudulently backdated and that the company had flawed and defective internal controls over accounting and for the options. This resulted in the improper reporting of executive compensation and expenses and violated generally accepted accounting practices ("GAAP").
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The First Amended Complaint ("Amended Complaint") charges Cyberonics and certain of its current and former officers and directors with violations of the Securities Exchange Act of 1934. The Amended Complaint alleges defendants failed to disclose and misrepresented material information known to defendants regarding FDA review and approval of a new use for the company's Vagus Nerve Stimulation ("VNS") device to treat depression, the marketability of the VNS device and medical insurance "Payers" coverage decisions for the device. The Amended Complaint also alleges improper conduct related to the award of stock option grants to certain senior Cyberonics officers, including that the options were fraudulently backdated and that the company had flawed and defective internal controls over accounting and for the options. This resulted in the improper reporting of executive compensation and expenses and violated generally accepted accounting practices ("GAAP").
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
