WEST HARTFORD, CT -- (Marketwire) -- 05/11/12 -- The law firm of Izard Nobel LLP, 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 Southern District of Florida on behalf of purchasers of the common stock of Mako Surgical Corporation ("MAKO" or the "Company") (NASDAQ: MAKO) between January 9, 2012 and May 7, 2012, inclusive (the "Class Period").
The Complaint alleges that MAKO, a medical device company that markets its advanced robotic arm solution and orthopedic implants for orthopedic procedures, and certain of its officers and directors violated the federal securities laws. Specifically, the Complaint alleges that defendants failed to disclose the following adverse facts: (i) MAKO was poised to suffer a wider first quarter loss as it was experiencing higher costs and slower sales of its RIO systems; (ii) utilization rates of the Company's RIO systems were dropping; (iii) that the Company's 2012 outlook provided at the start of the Class Period lacked a reasonable basis when made; and (iv) that defendants lacked a reasonable basis for their positive statements about MAKO or its outlook.
On May 7, 2012, MAKO announced its first quarter 2012 financial results. Although revenue rose from the first quarter 2011, it dropped approximately 40% from the fourth quarter 2011 and missed analysts' consensus expectations by approximately 20%. As a result, MAKO stock dropped $15.13 to close at $26.27 per share on May 8, 2012.
If you are a member of the class, you may, no later than July 9, 2012, 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.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/mako/, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: firstname.lastname@example.org. For more information about class action cases in general, please visit our website: www.izardnobel.com.
Nancy A. Kulesa