Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and enforcement of federal antitrust laws, is investigating potential wrongdoing at Stereotaxis, Inc. (“Stereotaxis” or the “Company”) (NASDAQ: STXS). Faruqi & Faruqi, LLP seeks to determine whether certain officers and directors at Stereotaxis violated federal securities laws in connection with statements made to the Company's shareholders.
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The investigation focuses on whether certain individuals at the Company violated federal securities laws by, among other things, failing to disclose that: (1) demand for the Company’s vaunted NIOBE® Magnetic Navigation System and Odyssey systems was weak; (2) there has been negative market feedback on certain Company products; and (3) the Company’s reported backlog of orders did not fairly represent future revenue the Company was expected to recognize.
On August 8, 2011, Stereotaxis released disappointing financial results for second quarter of 2011. In addition to reporting losses of $9.7 million, the Company suspended full year guidance for 2011. Moreover, the Company revealed that its Chief Financial Officer, Daniel Johnston, resigned. As a result of this announcement, Stereotaxis’ stock plummeted by more than 58%.Take Action If you purchased Stereotaxis securities and you would like to discuss your legal rights, visit www.faruqilaw.com/STXS. You can also contact us by calling Anthony Vozzolo or Richard W. Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Stereotaxis’ conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others. About Faruqi & Faruqi, LLP Faruqi & Faruqi, LLP is a national law firm, representing investors, consumers and companies in the prosecution of claims under state corporate and consumer laws and the federal securities and antitrust laws. The lawyers at Faruqi & Faruqi, LLP have demonstrated a clear commitment to championing the rights of shareholders and consumers nationwide.