Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In The Spectranetics Corporation To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Spectranetics Corporation (“Spectranetics” or the “Company”) (NasdaqGS:SPNC) of the October 26, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
A lawsuit has been filed in the United States District Court for the District of Colorado on behalf of a class consisting of all persons or entities who purchased Spectranetics securities between February 19, 2015 and July 23, 2015.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that the Company’s sales force optimization efforts were inadequate to face increasing competition. On February 19, 2015, the Company had previously issued a press release touting its competitive position in the market, stating, "Our competitive position is stronger than ever and we believe it will continue to improve over time."
However, on April 23, 2015, the Company announced lowered its sale earnings forecast for the rest of the year after reporting disappointing earnings results due to increased competition from other drug-coated balloon products.
After the announcement, Spectranetics’ share price fell from a closing price of $34.70 per share on April 23, 2015 to a closing price of $26.52 on August 24, 2015— a drop of $8.18 or over 22%.
Furthermore, on July 23, 2015, the Company lowered its revenue forecasts again for the remainder of the 2015 fiscal year citing even stronger competition in the market.
On this news, Spectranetics share price fell further, declining from a closing price of $24.83 per share on July 23, 2015 to a closing price of $16.30 on July 24, 2015— a drop of $8.53 or over 34%.
If you invested in Spectranetics stock or options between February 19, 2015 and July 23, 2015 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Spectranetics’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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