Intuitive Surgical, Inc. (NASDAQ:ISRG) Investor Alert: Lawsuit alleges Misleading Statements
The Shareholders Foundation announces that an investor in shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) filed a lawsuit in the U.S. Northern District of California over alleged violations of Federal Securities Laws by Intuitive Surgical, Inc. in connection certain allegedly false and misleading statements made between October 19, 2011 and April 18, 2013.
Sunnyvale, CA based Intuitive Surgical, Inc. designs, manufactures and markets da Vinci Surgical Systems and related instruments and accessories.
Investors who purchased shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) between October 19, 2011 and April 18, 2013 and / or those who purchased NASDAQ:ISRG shares prior to October 2011 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: June 25, 2013. NASDAQ:ISRG investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Intuitive Surgical, Inc. (NASDAQ:ISRG) common stock during the period between October 19, 2011 and April 18, 2013, that Intuitive Surgical, Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that defendants issued between October 19, 2011 and April 18, 2013a series of allegedly materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while concomitantly announcing quarter after quarter of record financial results.
The plaintiff says that as a result of defendants’ efforts to conceal significant safety and efficacy problems with the da Vinci Surgical System and their statements concerning Intuitive Surgical’s business metrics and financial prospects, Intuitive Surgical stock traded at inflated prices between October 19, 2011 and April 18, 2013, reaching a high of nearly $595 per share in intraday trading by April 18, 2012.
Furthermore, the plaintiff claims that while Intuitive Surgical’s stock was inflated between October 19, 2011 and April 18, 2013, certain Intuitive Surgical’s senior executives sold close to 410,000 shares of their personally held Intuitive stock for proceeds of more than $218.6 million.
On March 5, 2013, a media report said that its review of at least ten lawsuits filed against Intuitive Surgical, Inc. during the prior 14 months and FDA adverse incident reports had uncovered that robotic surgical systems made by Intuitive Surgical, Inc. had been linked to at least 70 deaths in informal incident reports sent to the FDA since 2009.
Then, on April 18, 2013, a broadcast featured an expose on the da Vinci Surgical System consisting of interviews with, among others, doctors, lawyers, and patients who have filed lawsuits against Intuitive Surgical, Inc. claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. During the broadcast a former employee Intuitive Surgical, Inc. was interviewed under the condition of anonymity. The former employee stated that she recalls instances of complications that were not reported in the FDA’s MAUDE database, which contains voluntary reports by manufacturers concerning adverse events involving medical devices.
Shares of Intuitive Surgical, Inc. declined from as high as $583.67 per share on February 1, 2013, to $466.18 per share on April 19, 2013.
On May 13, 2013, NASDAQ:ISRG shares closed at $485.69 per share.
Those who purchased shares of Intuitive Surgical, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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