Key Developments For Hansen Medical, Inc.
Hansen Medical, Inc. (HNSN.O) (Consolidated Issue listed on NASDAQ Global Market)
Pomerantz Files Class Action Against Hansen Medical, Inc.
Pomerantz Haudek Grossman & Gross LLP announced that a class action lawsuit has been filed in the United States District Court, Northern District of California, against Hansen Medical, Inc. and certain of its top officials. The class action (09-CV-5367) was filed on behalf of persons or entities that purchased or otherwise acquired shares in Hansen during the period May 1, 2008 through October 18, 2009 inclusive, (the class period). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act, 15 U.S. C. Sections 78j(b) and 77t(a) and the Private Securities Litigation Reform Act.
Murray, Frank & Sailer LLP Files Class Action Lawsuit Against Hansen Medical, Inc.
Murray, Frank & Sailer LLP filed a class action lawsuit, civil case number 09-cv-05367-HRL, in the United States District Court for the Northern District of California, San Jose division, against Hansen Medical, Inc. and certain of its officers and directors, on behalf of shareholders who purchased Hansen common stock between May 1, 2008 and October 18, 2009, inclusive (Class Period). Throughout the Class Period defendants violated federal securities laws by issuing materially false and misleading statements regarding the Company`s financial results and compliance with Generally Accepted Accounting Principles. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that the Company improperly recognized revenue; that, as a result, the Company`s revenue and financial results were overstated during the Class Period; that the Company`s financial results were not prepared in accordance with Generally Accepted Accounting Principles; that the Company lacked adequate internal and financial controls and that, as a result of the above, the Company`s financial statements were materially false and misleading at all relevant times. On October 19, 2009, Hansen announced that as a result of its audit committee investigation it would restate its 2008 financial statements and financial statements for the first and second quarters of 2009 due to errors arising from potential irregularities outside of the accounting department.
Shalov Stone Bonner & Rocco LLP Announces Class Action Against Hansen Medical, Inc.
Shalov Stone Bonner & Rocco LLP announced that a class action lawsuit has been filed on behalf of purchasers of the common stock of Hansen Medical, Inc. between May 1, 2008 and October 18, 2009, inclusive (Class Period). The lawsuit is pending in the United States District Court for the Northern District of California against Hansen and certain of its officers and Directors. According to the complaint, defendants made false and misleading statements concerning Hansen's financial results and its compliance with Generally Accepted Accounting Principles (GAAP). The complaint specifically alleges that the statements were false and misleading because Hansen improperly recognized revenue associated with the sale of its Sensei system, a robotic navigation system that is used to place mapping catheters in the heart. As a result of defendants' false and misleading statements, during the Class Period the Company's stock traded at artificially inflated levels. The complaint further alleges that after Hansen received a 'whistleblower' report in August 2009, its audit committee began an investigation. On October 19, 2009, the Company announced that it would be restating its financial results for 2008 and for the first and second quarters of 2009 because of its failure to properly account for its revenue, as uncovered by the audit committee's investigation. As this news reached the market, Hansen's shares fell more than 84% from their Class Period high.
Hansen Medical, Inc. Completes Financial Restatement
Hansen Medical, Inc. announced that it has completed its previously announced financial restatement of its consolidated financial statements for the years ended December 31, 2007 and 2008, for each of the quarters of the year ended December 31, 2008 and for the first two quarters of the year ending December 31, 2009, and has filed with the Securities and Exchange Commission (SEC) its amended Annual Report on Form 10-K/A for the year ended December 31, 2008, which includes a restatement of the financial statements for the year ended December 31, 2007 and December 31, 2008 and its amended Quarterly Reports on Form 10-Q/A for the quarters ended March 31, 2008, June 30, 2008, September 30, 2008, March 31, 2009 and June 30, 2009.
Pomerantz Haudek Grossman & Gross LLP Announces Class Action Lawsuit Against Hansen Medical, Inc.
Pomerantz Haudek Grossman & Gross LLP announced that it has filed a class action lawsuit in the United States District Court, Northern District of California, against Hansen Medical, Inc. and certain of its top officials. The class action (09-CV-5367) was filed on behalf of persons or entities that purchased or otherwise acquired shares in Hansen during the period May 1, 2008 through October 18, 2009 inclusive, (the Class Period). The Complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act, 15 U.S. C. Sections 78j(b) and 77t(a) and the Private Securities Litigation Reform Act. The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, throughout the Class Period, Hansen improperly recognized revenue associated with the sale of its Sensei Robotic Catheter systems. On October 19, 2009, Hansen shocked investors when it revealed that the audit committee of Hansen's Board of Directors, upon the recommendation of management, concluded that it would restate its financial results for 2008 and for the first and second quarters of 2009 because of errors in those financial statements, arising from 'potential irregularities outside of the accounting department.'
