Brower Piven Encourages Investors Who Have Losses in Excess of $75,000 From Investment in Stereotaxis, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the December 9, 2011 Lead Plaintiff Deadline
(firmenpresse) - STEVENSON, MD -- (Marketwire) -- 10/18/11 -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of purchasers of the common stock of Stereotaxis, Inc. (NASDAQ: STXS) ("Stereotaxis" or the "Company") during the period between February 28, 2011 and August 9, 2011, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Stereotaxis, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at , by email at , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
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 no later than December 9, 2011, and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; that market feedback from users of the Company's technology was "mixed"; that the Niobe system was not the "standard of care" and needed "fundamental product improvements" and; that demand for the Niobe and Odyssey systems was weak, the number of units being sold was decreasing and the reported backlog of orders did not fairly represent future revenue the Company expected to recognize. According to the complaint, after, on August 8, 2011, the Company announced financial results for the second quarter of 2011 that revealed that the Company was performing below expectations, that the Company was suspending its full year guidance for 2011, and that Daniel Johnston was resigning as the Company's Chief Financial Officer, the value of Stereotaxis shares declined significantly.
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.
CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
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Datum: 18.10.2011 - 08:37 Uhr
Sprache: Deutsch
News-ID 1047136
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