A lawsuit was filed on behalf of investors in NASDAQ:CSII shares over alleged securities laws violations by Cardiovascular Systems Inc and NASDAQ:CSII investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/07/2016 -- A shareholder in Cardiovascular Systems Inc (NASDAQ:CSII) filed a lawsuit against Cardiovascular Systems Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Cardiovascular Systems Inc (NASDAQ:CSII) have certain options and for certain investors are short and strict deadlines running. Deadline: April 12, 2016. NASDAQ:CSII investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between September 12, 2011 and January 21, 2016 defendants issued allegedly false and misleading statements to investors and/or allegedly failed to disclose that Cardiovascular Systems distributed illegal kickbacks to health care providers, that Cardiovascular Systems engaged in the off-label promotion of its medical devices, and that Cardiovascular Systems violated FDA laws and regulations in connection with its medical devices.
On May 9, 2014, Cardiovascular Systems Inc disclosed that it had received a letter on May 8, 2014 from the U.S. Attorney's Office for the Western District of North Carolina stating that the Company is being investigated for possible violations of the False Claims Act , resulting in the submission of false claims to federal and state health care programs, including Medicare and Medicaid.
On July 8, 2015, Cardiovascular Systems Inc disclosed that a whistleblower lawsuit filed in 2013 had been unsealed. The lawsuit, brought by a former sales manager of Cardiovascular Systems Inc, alleged that Cardiovascular Systems Inc engaged in a fraudulent marketing scheme to maximize profits through illegal kickbacks, off-label promotion, and violations of federal laws and regulations. The lawsuit alleges several schemes to drive up sales, including "kickbacks" in which doctors were sent on all-expense-paid trips for training seminars in fancy settings and then told to use Cardiovascular Systems Inc devices on their next five or ten cases.
On January 21, 2016, Cardiovascular Systems Inc reported its fiscal 2016 second quarter financial results and issued its fiscal 2016 third-quarter outlook.
On March 3, 2016, NASAQ:CSII shares closed at $9.55 per share.
Those who purchased shares of Cardiovascular Systems Inc (NASDAQ:CSII) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego