Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Stereotaxis, Inc. (NASDAQ: STXS). Stereotaxis designs, manufactures, and markets cardiology instrument controls systems for the treatment of arrhythmias and coronary artery diseases. The company was founded in 1990 and is located in St. Louis, Missouri.
If you invested in Stereotaxis and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.
Robbins Umeda LLP's investigation focuses on whether the directors and officers of Stereotaxis harmed the company and investors by issuing improper statements about the condition and future business prospects of the company. On August 8, 2011, Stereotaxis issued a press release announcing financial results for the second quarter of fiscal year 2011 that showed that the company was performing well below expectations, as revenue had declined 22.7% from $15.0 million for the second quarter of 2010. Stereotaxis also reported that its net loss for the second quarter 2011 was $9.7 million, or $0.18 per share, compared to a net loss of $3.9 million, or $0.08 per share, reported for the second quarter of 2010. The announcement of these disappointing results was accompanied by the additional revelations that Stereotaxis had been forced to suspend its full year guidance for 2011, and that Chief Financial Officer Dan Johnston was resigning from the company. On this news, shares of Stereotaxis declined by more than 58%, opening on August 9, 2011, at just $1.64 per share.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The law firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/stereotaxis-inc/ Attorney Advertising. Past results do not guarantee a similar outcome.