San Diego, CA -- (SBWIRE) -- 10/29/2012 -- An investigation on behalf of investors of Vascular Solutions, Inc. (NASDAQ:VASC) shares over potential securities laws violations by Vascular Solutions, Inc. and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of Vascular Solutions, Inc. (NASDAQ:VASC), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Vascular Solutions, Inc. (NASDAQ:VASC) concerning whether a series of statements by Vascular Solutions, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Vascular Solutions, Inc. (NASDAQ:VASC) reported that its annual Revenue increased from $61.22 million in 2008 to $89.96 million in 2011, while its Net Income declined from $16.17 million in 2010 to $9.74 million in 2011.
On June 28, 2011, Vascular Solutions, Inc. received a subpoena from the U.S. Attorney’s Office for the Western District of Texas under the Health Insurance Portability & Accountability Act of 1996 requesting the production of documents related to Vascular Solutions’ Vari-Lase products, and in particular the use of the Vari-Lase® Short Kit for the treatment of perforator veins.
Then on August 14, 2012, the U.S. District Court for the Western District of Texas unsealed a qui tam complaint that had been filed on November 19, 2010 by a former sales employee of Vascular Solutions, Inc., which is the basis for the U.S. Attorney’s investigation, to which the federal government, after three extensions of time, has elected to intervene.
The complaint contains allegations of off-label promotion of Vari-Lase products for the treatment of perforator veins, re-use of single-use Vari-Lase products and that Vascular Solutions, Inc. provided kickbacks to physicians, resulting in alleged damages to the government of approximately $20 million.
Shares of Vascular Solutions, Inc. (NASDAQ:VASC) increased from as low as $5.40 per share in March 2009 to as high as $14.80 per share in September 2012.
On October 23, 2012, NASDAQ:VASC shares closed at $14.67 per share.
Those who purchased shares of Vascular Solutions, Inc. (NASDAQ:VASC) and currently hold those Vascular Solutions, Inc. shares, may have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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