Rigrodsky & Long, P.A. announces that a lawsuit has been filed in the United States District Court for the Eastern District of North Carolina on behalf of all persons or entities that purchased the common stock of TranS1, Inc. (“TranS1” or the “Company”) (NasdaqGM: TSON) between February 21, 2008 and October 7, 2011 (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 (the “Complaint”).
If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Scott J. Farrell, Esquire of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/trans1-inc-tson.
TranS1 designs, develops, and markets medical devices to treat degenerative disc disease affecting the lower lumbar region of the spine. The Complaint names TranS1 and certain of the Company’s directors and officers as defendants, and alleges that during the Class Period, defendants made materially false and misleading statements concerning the Company’s business and prospects. Specifically, the Complaint alleges that defendants failed to disclose that TranS1: was not in compliance with federal healthcare fraud and false claim statutes; had engaged in improper reimbursement practices; and lacked adequate internal and financial controls.
The Complaint further alleges that 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 requesting documents for the period January 1, 2008 through October 6, 2011. On that same day, TranS1 shares declined $1.27, more than 40%, to close at $1.85 per share.If you wish to serve as lead plaintiff, you must move the Court no later than March 26, 2012. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.