AtriCure Inc (NASDAQ: ATRC) Investor Securities Class Action Lawsuit 12/12/2008

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Company Name(s): 
AtriCure
Case Name: 
AtriCure Shareholder Class Action Lawsuit 12/12/2008
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: ATRC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
12/12/2008
Class Period Begin: 
05/10/2007
Class Period End: 
10/31/2008
Court of Filing: 
U.S. District Court for the Southern District of Ohio
Deadline To File for Lead: 
02/10/2009
Date Settled: 
10/13/2010
Settlement Amount: 
$2,750,000
Deadline to Participate in Settlement: 
01/07/2011
Settlement Notice: 
Settlement Proof: 
Summary: 

December 12, 2011 - The court ordered the authorization of the distribution of the net settlement fund.

October 13, 2010 - 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.

October 7, 2010 – The court held a final settlement hearing.

July 30, 2010 - The court preliminarily approved the settlement.

July 30, 2010 - Parties filed a stipulation of settlement.

March 29, 2010 - The court in part granted and in part denied the defendants’ motion to dismiss.

July 20, 2009 - The defendants filed a motion to dismiss.

May 8, 2009 - The lead plaintiffs filed an amended consolidated complaint.

February 17, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

February 10, 2009 - Lead plaintiff motions were filed.

December 12, 2008 - An investor in shares of AtriCure Inc (NASDAQ: ATRC) filed a lawsuit in the U.S. District Court for the Southern District of Ohio against AtriCure Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 10, 2007 and October 31, 2008.

According to the complaint the plaintiff alleges that AtriCure Inc (NASDAQ: ATRC) and certain of its executive officers violated federal securities laws by among other things, issuing material omissions and dissemination of materially false and misleading statements concerning the AtriCure Inc’s business, operations and prospects, causing AtriCure Inc's (NASDAQ: ATRC) stock price to become artificially inflated, inflicting damages on investors between May 10, 2007 and October 31, 2008. Specifically the complaint alleges that defendants fraudulently inflated AtriCure Inc’s securities prices by improperly promoting its products to physicians and improperly causing the filing of false claims for reimbursement, but then on October 31, 2008 shocked investors when the AtriCure Inc revealed that it had received a letter from the U.S. Department of Justice - Civil Division - informing AtriCure Inc that the U.S. Department of Justice was conducting an investigation for potential False Claims Act and common law violations relating to AtriCure Inc's surgical ablation devices; AtriCure Inc's marketing practices utilized in connection with its surgical ablation system to treat atrial fibrillation, a specific use outside the Federal Food and Drug Administration’s 510(k) clearance, and whether AtriCure Inc instructed hospitals to bill Medicare for surgical ablation using incorrect billing codes. As a result of this news, the AtriCure Inc’s shares (NASDAQ: ATRC) declined $2.53 per share, or 39.41 percent, to close on November 3, 2008, at $3.89 per share, on unusually heavy trading volume, so the lawsuit.