Class Action

Spectranetics Corp. Investigation

By classlawblog

A class action law suit has been filed against Spectranetics Corporation (NasdaqGM: SPNC) in the United States District Court for the District of Colorado, and Finkelstein Thompson LLP is investigating similar claims at this time.

On September 4, 2008, Spectranetics issued a press release revealing for the first time that it had been served with a search warrant by the Food and Drug Administration (FDA) and U.S. Immigration and Customs Enforcement (ICE).  According to the company, the search warrant requested information and correspondence related to: ?i) the promotion, use, testing, marketing and sales regarding certain of the company?s products for the treatment of in-stent restenosis, payments made to medical personnel and an identified institution for this application, (ii) the promotion, use, testing, experimentation, delivery, marketing and sales of catheter guidewires and balloon catheters manufactured by certain third parties outside of the United States, (iii) two post-market studies completed during the period from 2002 to 2005 and payments to medical personnel in connection with those studies and (iv) compensation packages for certain of the company?s personnel.?

On this news, the company?s share price plummeted 47% to $4.73 per share on unusually high trading volume.  On the same day, NASDAQ halted trading of Spectranetics stock.

If you are a Spectranetics shareholder and wish to discuss your rights and interests as an investor, please contact our Washington, D.C. office toll-free at (877) 337-1050 or by email at contact@finkelsteinthompson.com.

Full post as published by ClassLawBlog.com on September 29, 2008 (boomark / email).