Certain Cardiovascular Systems directors are under investigation concerning possible wrongdoing. The investigation was announced for investors in NASDAQ:CSII shares over potential breaches of fiduciary duties by certain directors of Cardiovascular Systems.
Investors who purchased shares of Cardiovascular Systems Inc (NASDAQ:CSII) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
Shares of Cardiovascular Systems Inc (NASDAQ:CSII) declined from over $40 per share in April 2015 to as low as $8.02 per share on January 22, 2016.
The investigation by a law firm concerns whether certain Cardiovascular Systems officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On May 9, 2014, Cardiovascular Systems Inc disclosed that it had received a letter on May 8, 2014 from the U.S. Attorney’s Office for the Western District of North Carolina stating that the Company is being investigated for possible violations of the False Claims Act , resulting in the submission of false claims to federal and state health care programs, including Medicare and Medicaid.
On July 8, 2015, Cardiovascular Systems Inc disclosed that a whistleblower lawsuit filed in 2013 had been unsealed. The lawsuit, brought by a former sales manager of Cardiovascular Systems Inc, alleged that Cardiovascular Systems Inc engaged in a fraudulent marketing scheme to maximize profits through illegal kickbacks, off-label promotion, and violations of federal laws and regulations. The lawsuit alleges several schemes to drive up sales, including “kickbacks” in which doctors were sent on all-expense-paid trips for training seminars in fancy settings and then told to use Cardiovascular Systems Inc devices on their next five or ten cases.
On January 21, 2016, Cardiovascular Systems Inc reported its fiscal 2016 second quarter financial results and issued its fiscal 2016 third-quarter outlook.
On February 9, 2016, NASAQ:CSII shares closed at $8.46 per share.
Those who purchased shares of Cardiovascular Systems Inc (NASDAQ:CSII) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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