Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against MAKO Surgical Corp.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of Florida on behalf of all persons or entities that purchased the securities of MAKO Surgical Corp. (“MAKO Surgical” or the “Company”) (NASDAQ GS: MAKO) between January 9, 2012 and May 7, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you purchased shares of MAKO Surgical during the Class Period, or purchased shares prior to the Class Period and still hold MAKO Surgical stock, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco 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/mako-surgical-corp-mako.
MAKO Surgical, a Delaware corporation headquartered in Fort Lauderdale, Florida, is a medical device company that markets its RIO® Robotic Arm Interactive Orthopedic surgical platform, MAKOplasty® joint specific applications, and proprietary RESTORIS ® implants that together enable orthopedic surgeons to consistently, reproducibly and precisely treat patient specific osteoarthritic disease. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges that defendants misrepresented and omitted material facts concerning the success of sales of the Company’s RIO systems, among other things, and issued financial guidance for 2012 that lacked a reasonable basis when made. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 7, 2012, the Company announced its financial results for the first quarter of fiscal 2011. It reported that although revenue rose from the first quarter 2011, it dropped approximately 40% from the fourth quarter 2011 and missed analysts’ consensus expectation by approximately 30%. Specifically, RIO system revenue rose only 9% as the Company only placed six of its RIO systems, missing the average analyst target of nine placements. The Company pointed to “missed” orders and lowered its recently-issued full-year 2012 placement guidance by four units – more than the Company “missed” in the first quarter 2012. MAKO Surgical’s results were shocking considering, as reported by Seeking Alpha, they were issued “at a time when orthopedic companies like Stryker, Zimmer (ZMH), and Johnson & Johnson (JNJ) have all talked about a stable, if not improving, orthopedic procedure market. On this news, shares of MAKO Surgical common stock dropped $15.13, closing at $26.27 per share on May 8, 2012.If you wish to serve as lead plaintiff, you must move the Court no later than July 9, 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.
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