Murray, Frank & Sailer LLP Filed Class Action Lawsuit Against Hansen Medical, Inc.
NEW YORK (BUSINESSWIRE) -- 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. ("Hansen" or the "Company") (NASDAQ:HNSN) 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 (the "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: (1) that the Company improperly recognized revenue; (2) that, as a result, the Company's revenue and financial results were overstated during the Class Period; (3) that the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (4) that the Company lacked adequate internal and financial controls; and (5) 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." According to the Company, Hansen identified systems for which revenue should have been recognized in a later period than the period in which it was recognized, and revenue on systems that should have been reflected as deferred revenue on its balance sheet as of June 30, 2009. As a result of this news, the price of Hansen shares declined $0.31 per share, more than 9%, to close on October 19, 2009, at $3.12 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by Murray, Frank & Sailer LLP, a law firm with extensive experience in prosecuting shareholder lawsuits. For more information about the firm, please visit its website at: http://www.murrayfrank.com/.
If you are a member of the class described above, you may move the Court, not later than December 22, 2009, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased Hansen common stock and wish to discuss this litigation, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact us.
Murray, Frank & Sailer LLP