NEW YORK, April 29, 2013 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC remind investors that they have until June 25, 2013 to file lead plaintiff applications in a securities class action lawsuit against Intuitive Surgical, Inc. (NasdaqGS: ISRG), if they purchased the Company's securities during the period between October 19, 2011 and April 18, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of California.
The complaint charges Intuitive Surgical, Inc. and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants issued a series of allegedly materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while concomitantly announcing quarter after quarter of record financial results. During the class period, certain Intuitive Surgical, Inc.'s senior executives sold close to 410,000 shares of their personally held Intuitive stock for proceeds of more than $218.6 million.
On March 5, 2013, Bloomberg ran an expose disclosing that its review of at least ten lawsuits filed against Intuitive Surgical, Inc. during the prior 14 months and FDA adverse incident reports had uncovered that robotic surgical systems made by Intuitive Surgical, Inc. had been linked to at least 70 deaths in informal incident reports sent to the FDA since 2009. Then, on April 18, 2013, CNBC's Investigations, Inc. broadcast an expose on the da Vinci Surgical System consisting of interviews with, among others, doctors, lawyers, and patients who have filed lawsuits against Intuitive claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. In response to this news, the price of Intuitive stock fell $8.62 per share to close at $484.75 per share on April 19, 2013. The stock has declined approximately 19% from its Class Period high of nearly $595 per share.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. June 25, 2013 is the deadline for investors to seek a lead plaintiff appointment. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.