Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Eastern District of North Carolina on behalf of purchasers (the “Class”) of TranS1, Inc. (“TranS1”) (NASDAQ: TSON) securities between February 21, 2008 and October 17, 2011 (the “Class Period”).
TranS1 designs, develops, and markets medical devices to treat degenerative disc disease affecting the lower lumbar region of the spine. The Complaint alleges that, during the Class Period, TranS1 made false and/or misleading statements or failed to disclose that: (1) the Company was not in compliance with federal healthcare fraud and false claim statutes; (2) the Company engaged in improper reimbursement practices; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On October 18, 2011, after the market closed, TranS1 disclosed that it had received a subpoena from the Department of Health and Human Services Office of Inspector General. The subpoena requests documents for the period January 1, 2008 through October 6, 2011. Upon these revelations, TranS1 shares declined $1.27 or more than 40%, to close at $1.85 on October 18, 2011.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired TranS1 securities during the Class Period. If you purchased or otherwise acquired TranS1 securities during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 26, 2012.A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action. If you are interested in discussing your rights as a TranS1 shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org. Bernstein Liebhard has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last nine years. You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Eastern District of North Carolina.