TranS1 Inc. Hit By Investor Class Action Lawsuit Over Alleged Securities Laws Violations

If you purchased shares of TranS1 Inc. (NASDAQ: TSON) between February 21, 2008 and October 17, 2011, you have certain options and there are strict and short deadlines running. Deadline: March 26, 2012. NASDAQ: TSON investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
TranS1
Case Name: 
TranS1 Shareholder Class Action Lawsuit 01/24/2012
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: TSON
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/24/2012
Class Period Begin: 
02/21/2008
Class Period End: 
10/17/2011
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/26/2012
Summary: 

San Diego, Jan. 24, 2012 (Shareholders Foundation) -- An investor in TranS1 Inc. (Public, NASDAQ:TSON) shares filed a securities class action lawsuit in the U.S. States District Court, Eastern District of North Carolina against TranS1 Inc over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased TranS1 Inc. (Public, NASDAQ:TSON) securities during the period between February 21, 2008 and October 17, 2011, that TranS1 Inc. violated the Securities Excahnge Act of 1934.

Despite that TranS1’s annual Revenue rose from $16.47million in 2007 to $26.15million in 2010, its Net Loss grew from $8.58million in 07 to $19.53million in 2010. TranS1’s second quarter Revenue fell from $7.24million last year to $5.34million this year and its second quarter Net Loss grew from $3.65million last year to a second quarter Net Loss in 2011 of $4.31million.

Shares of TranS1 Inc. (Public, NASDAQ:TSON) fell from almost $25 in November 2007 to as low as $1.79 in December 2010. However, during the first months NASDAQ: TSON stocks climbed to over $5 per share and were able to trade for the most part above $4 per share until the beginning of September.

Then on October 17, 2011, TranS1 disclosed in a filing with the U.S. Securities and Exchange Commission that on or about October 6, 2011, TranS1 Inc. received a subpoena issued by the Department of Health and Human Services, Office of Inspector General, under the authority of the federal healthcare fraud and false claims statutes. TranS1 said that the subpoena seeks documents for the period January 1, 2008 through October 6, 2011.

NASDAQ TSON stocks fell from $3.17 per share on October 17, 2011 to $1.80 on October 18, 2011.

During November 2011 NASDAQ TSON stocks fell to as low as $1.46 per share, but were able to regain some value in December 2011 and trade at $2.10.

On January 24, 2012 TSON stocks closed at $2.26 per share.