RADNOR, Pa., Nov. 16 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Northern District of California on behalf of all purchasers of securities of Micrus Endovascular Corporation ("Micrus" or the "Company") from February 12, 2007 through September 17, 2007, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
The Complaint charges Micrus and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Micrus develops, manufactures, and markets implantable and disposable medical devices used in the treatment of cerebral vascular diseases. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company was experiencing increased competition and seasonal slowing, which led to slower sales in North America; (2) that the Company was encountering increased regulatory issues in China and Japan, which hampered its ability to obtain product approvals and offer certain products for sale in these markets; and (3) that, as a result of the foregoing, defendant's statements about the Company's financial well-being and future business prospects were lacking in any reasonable basis when made.
The Company shocked investors on September 17, 2007 when it revealed that it was experiencing regulatory approval delays in China and Japan, and slow growth and decreased sales in North America. Additionally, the Company significantly reduced its 2008 revenue guidance to between $65 million and $75 million, as compared with the Company's previously issued revenue guidance of between $80 million and $85 million for 2008. On this news, the Company's shares fell $6.20 per share, or over 26.3 percent, to close on September 18, 2007 at $17.37 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com/
If you are a member of the class described above, you may, not later than December 3, 2007, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at
