Spectranetics Corp (NASDAQ: SPNC) Investor Securities Class Action Lawsuit 08/27/2015

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Company Name(s): 
Spectranetics Corp
Case Name: 
Spectranetics Corp Shareholder Class Action Lawsuit 08/27/2015
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: SPNC
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/27/2015
Class Period Begin: 
02/27/2014
Class Period End: 
07/23/2015
Court of Filing: 
U.S. District Court for the District of Colorado
Deadline To File for Lead: 
10/26/2015
Case Dismissed: 
03/31/2018
Summary: 

March 31, 2018 - The court granted defendants' motion to dismiss.

June 1, 2016 - Defendants filed a motion to dismiss.

March 1, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Spectranetics Corp (NASDAQ: SPNC) common shares between February 27, 2014 and July 23, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 27, 2014 and July 23, 2015.

December 18, 2015 - Lead plaintiff and lead counsel were appointed.

August 27, 2015 - An investor in shares of Spectranetics Corp (NASDAQ: SPNC) filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Spectranetics Corp in connection with certain allegedly false and misleading statements made between February 19, 2015, and July 23, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Spectranetics Corp (NASDAQ: SPNC) common shares between February 19, 2015, and July 23, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 19, 2015, and July 23, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose to investors that Spectranetics Corp was being negatively impacted by increasing competition, that Spectranetics Corp’s sales force optimization efforts were inadequate, that that, as a result, Spectranetics Corp was performing below expectations, that Spectranetics Corp lacked adequate internal controls; and that, as a result of the foregoing, defendants’ statements about Spectranetics Corp’s business, operations and prospects were false and misleading and/or lacked a reasonable basis.

Spectranetics Corp reported that its annual Total Revenue rose from $140.28 million in 2012 to $204.91 million in 2014 while its Net Income of $2.23 million in 2012 declined to a Net Loss of $40.90 million in 2014. Shares of Spectranetics Corp (NASDAQ: SPNC) grew from $7.61 per share in March 2012 to as high as $36.44 per share in March 2015.

Then on April 23, 2015, Spectranetics Corp reported its first quart 2015 revenue. While Spectranetics Corp reported that its first quarter Revenue rose from $39.61 million last year to $57.42 million in 2015, its first quarter Net Loss increased from $5.66 million in 2014 to $27.3 million in 2015. Shares of Spectranetics Corp (NASDAQ: SPNC) declined to as low as $23.87 per share on April 24, 2015.

On July 23, 2015, Spectranetics Corp lowered revenue guidance for the remainder of 2015. According to Spectranetics Corp, competitive pressure from the rapid adoption of drug-coated balloons and ongoing sales force optimization efforts were causing its AngioSculpt franchise to perform below expectations. Shares of Spectranetics Corp (NASDAQ: SPNC) dropped to $15.00 per share on July 24, 2015.