STEVENSON, Md., Aug. 28, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of The Spectranetics Corporation (Nasdaq:SPNC) (“Spectranetics” or the “Company”) securities during the period between February 19, 2015 and July 23, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until October 26, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Spectranetics securities purchased on or after February 19, 2015 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was being negatively impacted by increasing competition and its sales force optimization efforts were inadequate, such that the Company was performing below expectations.
According to the Complaint, following the Company’s April 23, 2015 reporting of disappointing earnings results and a lowered forecast for the rest of the year (due in large part to increased competition from other drug-coated balloon products) and a July 23, 2015 announcement that the Company was lowering its guidance for the remainder of 2015 and revelation that competitive pressure from the rapid adoption of drug-coated balloons and ongoing sales force optimization efforts were causing its AngioSculpt franchise to perform below expectations, the value of Spectranetics shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com