Key Developments For CardioNet, Inc.
CardioNet, Inc. (BEAT.O) (Consolidated Issue listed on NASDAQ Global Market)
Cardionet Inc Awarded U.S. Patent
Cardionet Inc announced that the U.S. Patent and Trademark office has granted patent number 7,587,237 (Biological Signal Management) to CardioNet. The patent includes certain systems and techniques utilized by the Company`s Mobile Cardiac Outpatient Telemetry (MCOT) system that automatically processes complex physiological information to make it useful for clinical decisions.
Levi & Korsinsky, LLP Announces Class Action Lawsuit Against CardioNet, Inc.
Levi & Korsinsky announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of the common stock of CardioNet, Inc. during the period between April 30, 2009 and June 30, 2009, inclusive (the Class Period). The complaint alleges that CardioNet and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose during the Class Period that the Company was experiencing reductions in its reimbursement rates for its MCOT services, that these reimbursement rates were under review by payors, that a reduction in rates could result in the Company's current independent business model not being economically viable.
Coughlin Stoia Geller Rudman & Robbins LLP Files Class Action Suit against Cardionet Inc
Coughlin Stoia Geller Rudman & Robbins LLP (Coughlin Stoia)announced that a class action has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Cardionet Inc common stock during the period between April 30, 2009 and July 10, 2009 (the Class Period). The complaint charges Cardionet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Cardionet provides continuous, real-time ambulatory outpatient management solutions for monitoring relevant and timely clinical information regarding an individual's health. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements concerning the Company's Mobile Cardiac Outpatient Telemetry (MCOT) device, including making aggressive projections for 2009 through 2011. Defendants further downplayed the potential for Pennsylvania's Medicare carrier, Highmark Medicare Services (Highmark), to reduce its reimbursement rate for the Company's MCOT device. As a result of defendants` false and misleading statements, Cardionet stock traded at artificially inflated prices during the Class Period, reaching a high of $19.60 per share on May 19, 2009. Plaintiffs seek to recover damages on behalf of all purchasers of Cardionet common stock during the Class Period (the Class). The plaintiffs are represented by Coughlin Stoia.
Kendall Law Group Announces Securities Class Action Against Cardionet Inc
Kendall Law Group announced that a lawsuit has been filed against Cardionet Inc and certain of its officers and directors for securities violations related to public statements made by the Company affecting stock purchased between April 30, 2009 and June 30, 2009.The complaint, filed in the Eastern District of Pennsylvania, charges Cardionet, the provider of solutions for monitoring of clinical information on an individual's health, with violations of the federal securities laws due to a series of positive statements made while knowingly and recklessly disregarding the fact that the Company was experiencing reductions in its reimbursement rates for its MCOT services. The reimbursement rates were under review by payors and a reduction in the rates could result in the Company's current independent business model not being economically viable. Cardionet's financial outlook for 2009-2010 and 2011 had no reasonable basis in fact because it was based on the current rate of $1,123.07 for the MCOT system, knowing that it was under review and would likely be reduced because of the cost-driven reimbursement environment which was driving down the reimbursement levels set by virtually all commercial providers. Although every case is different, Kendall Law Group has participated in the recovery of over $800 million for defrauded shareholders.
Brower Piven Encourages Investors Who Have Losses In Excess of $150,000 From Investment In Cardionet Inc To Inquire
Brower Piven, A Professional Corporation announced that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of the common stock of Cardionet Inc during the period between April 30, 2009 and June 30, 2009, inclusive (the Class Period). The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was experiencing reductions in its reimbursement rates for its MCOT services and that these reimbursement rates were under review by payors, and a reduction in rates could result in the Company's current independent business model not being economically viable and that, therefore, the Company's financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact. According to the complaint, after it became known that the reimbursement rates for its MCOT services were under review by payors and were likely to be reduced, the value of the Company's stock declined significantly.
