RADNOR, Pa., March 8 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Texas on behalf of all purchasers of all securities purchasers of the Advanced Neuromodulation Systems Inc. ("ANSI" or the "Company") between April 24, 2003 and February 16, 2005, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
The complaint charges ANSI, Christopher G. Chavez, and F. Robert Merrill III, with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company engaged in undisclosed and improper promotional practices; (2) that the Company offered physicians $1,000 if they implanted a pain-management device in certain patients for a five-day trial; (3) that the Company through the use of improper promotional practices induced physicians to implant ANSI's devices, thereby inflating the Company's revenue; and (4) as a result of the improper promotional practices the Company was able to capture 20 percent of the market and triple its stock price over five years.
On February 17, 2005, ANSI reported that it had received a subpoena from the Inspector General, Department of Health and Human Services, requesting documents related to certain of the Company's sales and marketing, reimbursement, Medicare and Medicaid billing, and certain other business practices. News of this shocked the market. Shares of ANSI fell $8.23 per share or 22 percent, on February 17, 2005, to close at $29.37 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.
If you are a member of the class described above, you may, not later than May 2, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Darren J. Check, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at email@example.com
Schiffrin & Barroway, LLP