| Company: | Mindray Medical International Limited |
| Ticker Symbol: | MR |
| Class Period: | Jan-11-10 to Aug-9-10 |
| Date Filed: | Jul-21-11 |
| Lead Plaintiff Deadline: | Sep-19-11 |
| Court: | Southern District of New York |
| Allegations: | |
The complaint charges Mindray and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company describes itself as a "leading developer, manufacturer and marketer of medical devices worldwide."
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing declining sales domestically, as a result of a lack of Chinese government tenders and a slowdown in non-tender Chinese sales; (b) that the Company's sales of its diagnostics and ultrasound equipment were not performing according to internal expectations; (c) that the Company was finding increased competition in penetrating the market for larger hospital systems in China; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
In June and July 2010, information leaked into the market concerning issues with Mindray's business and operations, and the price of Mindray ADSs declined during this time period. Then, on August 9, 2010, Mindray announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, the Company reported net revenues of $179.2 million, net income of $42.3 million and basic and diluted earnings per share were $0.37 and $0.36, respectively. In reaction to the Company's announcement, the price of Mindray ADSs fell $5.15 per ADS, or 16%, to close at $27.35 per ADS, on August 10, 2010.
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.
