The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor LLP are investigating potential legal claims against the Board of Directors of Genoptix, Inc (“Genoptix” or “GXDX”) (NASDAQ: GXDX) during the period of July 31, 2009 and June 15, 2010.
It has been alleged in a recently filed complaint that during the period of July 31, 2009 through June 15, 2010 (the “class period”) Genoptix and certain of its executive officers and directors engaged in violations of the Securities Exchange Act of 1934. More specifically, the complaint alleges that Genoptix failed to disclose and misrepresented the following material adverse facts which were allegedly known to the defendants or recklessly disregarded by them: (1) that the company's current business model was unsustainable; (2) that due to known trends and uncertainties, including increased competition and increased managed care pressures, Genoptix would be unable to grow and would have difficulty maintaining its current client base; (3) that the reconfiguration of Genoptix's sales force had severely impacted its ability to grow revenue; (4) that Genoptix lacked adequate internal controls; and (5) that, as a result of the foregoing, the defendants lacked any reasonable basis for their positive statements about Genoptix's growth and prospects.
Moreover, it has further been alleged that during the class period, certain of the company's top executives and/or directors sold approximately 172,000 Genoptix shares at artificially inflated prices for proceeds of approximately $5.8 million.
If you currently own or purchased Genoptix/GXDX shares and would like additional information regarding this investigation, or if you have information regarding the allegations against the company, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.The Briscoe Law Firm is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.