Former United States Securities and United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating potential legal claims against the officers and Board of Directors of Stereotaxis, Inc. (“Stereotaxis” or “STXS”) (NASDAQ: STXS) related to potentially misleading statements issued by Stereotaxis between February 28, 2011 and August 9, 2011 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, 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, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
It has been alleged that during the Class Period, STXS and certain of its officers and directors made materially false and misleading statements or failed to disclose material information related to Stereotaxis’ business and operations in violation of the Securities Exchange Act of 1934. Specifically, it is claimed that STXS and the other defendants misrepresented and/or failed to disclose the following adverse facts: (1) Stereotaxis was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (2) market feedback from users of Stereotaxis’ technology was “mixed”; (3) the Niobe system was far from the “standard of care” and needed “fundamental product improvements”; (4) demand for the Niobe and Odyssey systems was weak, and that the number of units being sold was decreasing; (5) the reported backlog of orders did not fairly represent future revenue the company expected to recognize; and that (6) Stereotaxis overstated its market edge. As a result of these alleged false statements, it is claimed that STXS stock traded at artificially inflated prices during the Class Period, reaching a high of $4.24 per share on April 6, 2011.