NEW YORK, Aug. 28, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of all persons or entities who purchased The Spectranetics Corporation (“Spectranetics” or the “Company”) (Nasdaq:SPNC) securities during the period between February 19, 2015, and July 23, 2015, inclusive (the “Class Period”). The Complaint charges the Company and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was being negatively impacted by increasing competition; (2) that the Company’s sales force optimization efforts were inadequate; (3) that, as a result, the Company was performing below expectations; (4) that the Company lacked adequate internal controls; and (5) that, as a result of the foregoing, Defendants’ statements about the Company’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.
On April 23, 2015, the Company reported disappointing earnings results and lowered its forecast for the rest of the year. The Company attributed much of the lowered forecast to increased competition from other drug-coated balloon products. Following this news, shares of the Company declined $8.18 per share, over 23%, to close on April 24, 2015, at $26.52 per share, on unusually heavy volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 26, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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