COLCHESTER, Conn., July 15 /PRNewswire/ -- Scott + Scott, LLC represents shareholders in a class action filed against Possis Medical, Inc. . The complaint was filed in the United States District Court for the District of Minnesota on behalf of everyone who acquired Possis common stock between September 24, 2002 and August 24, 2004 (the “Class Period”). Possis develops, manufactures, and markets medical devices, including the AngioJet System (“AngioJet”) -- a non-surgical, minimally invasive catheter system designed to rapidly remove blood clots using a stream of water.
The complaint alleges that Possis’ omissions and material misrepresentations during the Class Period artificially inflated its stock price, causing investors to suffer. Specifically, the complaint alleges that Possis failed to disclose and/or misrepresented to investors that: (1) despite representations to the contrary, AngioJet was not more effective than existing alternatives, including competing drug therapies, and did not reduce significant procedural complications or significantly increase positive benefits; (2) AngioJet could not be expanded as a “technology platform” because it was not effective for routine use in a broad range of heart attack patients and (3) Possis could not maintain its projected revenue growth or achieve sustained revenue growth targets. In addition, the complaint alleges that while Possis’ stock price was artificially inflated certain of its officers and directors sold more than $1.2 million worth of Possis stock.
Ultimately, on August 24, 2004, it was disclosed that AngioJet failed to demonstrate clinical superiority in the majority of heart attack patients, causing Possis’ share price to plummet more than 38%. As a result, the company lost almost 40% of its market capitalization after Possis’ shares traded down more than $11.75 per share, to $19.00 per share, as Possis lowered its 2005 earnings and revenue guidance.
Lead Plaintiff motions must be filed with the Court no later than August 2, 2005. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Scott + Scott attorneys Neil Rothstein at 800/332-2259 (cell 619/251-0887; e-mail nrothstein@scott-scott.com) or attorney Amy K. Saba at 800/332-2259 (e-mail asaba@scott-scott.com). Any investor may contact Scott + Scott to learn more about this action, other actions, utilize various shareholder services at no cost or to state an opinion or make a comment.
Scott + Scott, LLC, a Connecticut-based law firm with offices in Ohio and California, has a national practice and reputation. Scott + Scott has dedicated itself to client communication and satisfaction. The firm is currently litigating major securities, antitrust and employee retirement plan cases throughout the United States and represents pension funds, charities, major corporations, foundations, individuals and other entities worldwide.
Other Scott + Scott securities class actions with approaching Lead Plaintiff motion deadlines include:
Brocade Communications Systems, Inc. Harley Davidson Cray, Inc. TIBCO Software, Inc.
Scott + Scott, LLC
CONTACT: Neil Rothstein, +1-800-332-2259, +1-619-251-0887 (cell),nrothstein@scott-scott.com, or attorney Amy K. Saba, +1-800-332-2259,asaba@scott-scott.com, both of Scott + Scott