DALLAS, Jan. 27, 2012 /PRNewswire/ -- Former 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 legal claims against the officers and Board of Directors of TranS1, Inc. ("TranS1" or "TSON") (NASDAQ: TSON) related to potential securities violations between February 21, 2008 and October 17, 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.
In a recently filed federal class action complaint, TranS1 and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. Specifically, the complaint alleges that various public statements by the defendants during the Class Period were each materially false and misleading in that defendants knew or recklessly disregarded that: (a) TranS1 was not in compliance with federal healthcare fraud and false claim statutes; (b) TranS1 engaged in improper reimbursement practices; and (c) TranS1 Company lacked adequate internal and financial controls. It is further alleged that on October 18, 2011, just one day after TranS1 disclosed in a Form 8-K with the U.S. Securities and Exchange Commission that the company had received a subpoena from the Inspector General of the Department of Health and Human Services Office under authority of the federal healthcare fraud and false claims statutes, TranS1 shares plummeted by more than 40% to close at just $1.85 per share.