Advanced Neuromodulation (NASDAQ:ANSI)
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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
Advanced Neuromodulation Systems, Inc.
HARTFORD, Conn., March 1 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C.,
which has significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the Eastern District of
Texas on behalf of all persons who purchased the publicly traded securities of
Advanced Neuromodulation Systems, Inc. (NasdaqNM: ANSI) between April 24, 2003
and February 16, 2005 (the "Class Period").
Advanced Neuromodulation Systems, Inc. ("the Company"), designs, develops,
manufactures and markets implantable neuromodulation devices for people
suffering from chronic pain. The Complaint alleges that the Company violated
federal securities laws by issuing false or misleading public statements.
Specifically, the Complaint alleges that during the Class Period the Company
was engaged in an improper and unethical marketing plan whereby it would pay
certain physicians for implanting the Company's products in patients. On
February 17, 2005, the Company disclosed that it had received a subpoena from
the Inspector General, Department of Health and Human Services, "requesting
documents related to the Company's sales and marketing, reimbursement, Medicare
and Medicaid billing, and certain other business practices." On this news, the
Company's stock fell from a close of $37.60 per share on February 16, 2005, to
close at $29.37 on February 17, 2005, on heavy trading volume.
If you are a member of the class, you may, no later than May 2, 2005, request
that the Court appoint you as lead plaintiff of the class. A lead plaintiff is
a class member that acts on behalf of other class members in directing the
litigation. Although your ability to share in any recovery is not affected by
the decision whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall recovery for
class members, including decisions concerning settlement. The securities laws
require the Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view
a copy of the Complaint initiating the class action, which was not filed by
Schatz & Nobel, or for more information about this case, class action cases in
general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/.
CONTACT: Wayne T. Boulton or Nancy Kulesa
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail:
DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Wayne T. Boulton or Nancy Kulesa, +1-800-797-5499,
, both of Schatz & Nobel
Web site: http://www.snlaw.net/