| Company: | Micrus Endovascular Corp. |
| Ticker Symbol: | NASD: MEND |
| Class Period: | February 12, 2007 to September 17, 2007 |
| Date Filed: | Oct-03-07 |
| Lead Plaintiff Deadline: | Nov-30-07 |
| Court: | Southern District, FL |
| Allegations: |
A class action has been commenced in the United States District Court for the Southern District of Florida on behalf of purchasers of the common stock of Micrus Endovascular Corp ("Micrus" or "the Company") (NASDAQ:MEND) between February 12, 2007 and September 17, 2007, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The complaint charges Micrus and certain of its officers and directors with violations of the Exchange Act. Micrus develops, manufactures, and markets implantable and disposable medical devices used in the treatment of cerebral vascular diseases.
According to the complaint, defendants issued materially false and misleading statements during the Class Period and failed to disclose: (i) that sales at Micrus Design, one of the Company's key subsidiaries, were slowing dramatically and not meeting internal expectations as the subsidiary was encountering increasing competition; (ii) that the Company was experiencing increased regulatory issues in China and Japan which would delay and impede its ability to get its full complement of products approved for sale in those countries; and (iii) as a result of the foregoing, Defendants' positive statements about the Company, its earnings, products and prospects were lacking in a reasonable basis at all times and materially false and misleading.
On September 17, 2007, Micrus issued a press release announcing that it was revising its financial guidance and now expects fiscal 2008 revenues to be between $65 million and $75 million because of expected product approval delays in China as well as Japan and slower-than-anticipated sales in North America. In response to the announcement the price of Micrus common dropped from $23.57 per share to $17.37 per share on extremely heavy trading volume.
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 complaint charges Micrus and certain of its officers and directors with violations of the Exchange Act. Micrus develops, manufactures, and markets implantable and disposable medical devices used in the treatment of cerebral vascular diseases.
According to the complaint, defendants issued materially false and misleading statements during the Class Period and failed to disclose: (i) that sales at Micrus Design, one of the Company's key subsidiaries, were slowing dramatically and not meeting internal expectations as the subsidiary was encountering increasing competition; (ii) that the Company was experiencing increased regulatory issues in China and Japan which would delay and impede its ability to get its full complement of products approved for sale in those countries; and (iii) as a result of the foregoing, Defendants' positive statements about the Company, its earnings, products and prospects were lacking in a reasonable basis at all times and materially false and misleading.
On September 17, 2007, Micrus issued a press release announcing that it was revising its financial guidance and now expects fiscal 2008 revenues to be between $65 million and $75 million because of expected product approval delays in China as well as Japan and slower-than-anticipated sales in North America. In response to the announcement the price of Micrus common dropped from $23.57 per share to $17.37 per share on extremely heavy trading volume.
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.
