AtriCure Inc (NASDAQ: ARTC) Investor Securities Class Action Lawsuit 12/11/2006

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Company Name(s): 
AtriCure
Case Name: 
AtriCure Shareholder Class Action Lawsuit 12/11/2006
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ATRC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/11/2006
Class Period Begin: 
08/05/2005
Class Period End: 
02/16/2006
Court of Filing: 
U. S. District Court for the Southern District of New York
Date Settled: 
05/27/2011
Settlement Amount: 
$2,000,000
Deadline to Participate in Settlement: 
04/21/2011
Settlement Notice: 
Settlement Proof: 
Summary: 

May 27, 2011 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

December 29, 2010 - The court preliminarily approved the settlement.

October 22, 2010 - Parties filed a stipulation of settlement.

January 29, 2009 - The court denied the defendants' motion for reconsideration.

September 27, 2007 - The defendants filed a motion for reconsideration.

September 13, 2007 - The court denied the defendants' motion to dismiss.

February 9, 2007 - A lead plaintiff motion was filed.

January 23, 2007 - The defendants filed a motion to dismiss.

December 11, 2006 - An investor in shares of AtriCure Inc (NASDAQ: ARTC) filed a lawsuit in the U.S. District Court for the Southern District of New York against AtriCure Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 4, 2005 and February 16, 2006 in relation to AtriCure Inc (NASDAQ: ARTC)'s Initial Public Offering on August 4, 2005.

The complaint charges AtriCure Inc and certain of its officers and directors with violations of the Securities Act of 1933. More specifically, the complaint alleges that AtriCure Inc's Registration Statement and Prospectus issued in connection with AtriCure Inc (NASDAQ: ARTC) initial public offering on or about August 4, 2005 failed to disclose that the Cleveland Clinic, where a significant portion of procedures with the company's products were being performed, was an investor in AtriCure Inc and that doctors from the Cleveland Clinic had been paid consultants to AtriCure Inc.

On February 16, 2006, AtriCure Inc announced financial results for the fourth quarter of 2005 and the fiscal year ended December 31, 2005. Among other things, the company reported that it was experiencing a "negative impact" on its business due to the revelations concerning the Cleveland Clinic. In response to this announcement, the price of AtriCure Inc (NASDAQ: ARTC) common stock dropped from $10.36 per share to $8.04 per share on extremely heavy trading volume.