MAKO Surgical Corp.
Robbins Umeda LLP Announces an Investigation of MAKO Surgical Corp.
Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at MAKO Surgical Corp. (NASDAQ: MAKO). Concerned shareholders who would like more information about their rights and potential remedies can complete the form below and we will contact you directly. You can also contact attorney Gregory E. Del Gaizo at (800) 350-6003.
Robbins Umeda LLP is investigating whether officers and directors of MAKO breached their fiduciary duties to shareholders and the company by causing MAKO to issue improper statements related to its business and operations. In particular, the firm is examining allegations that MAKO misrepresented and omitted adverse facts concerning the commercial success of the company’s Robotic Arm Interactive Orthopedic (“RIO”) operative system, and issued financial guidance for 2012 that lacked a reasonable basis.
On May 7, 2012, MAKO announced financial results for the first quarter of 2012 that showed the company was performing well below expectations. The company revealed that revenue for the first quarter of 2012 dropped approximately 40% from the previous fiscal quarter, missing analysts’ consensus estimates by as much as 20%. Additionally, MAKO disclosed that procedure volume on the RIO system fell below analyst estimates by approximately 5%, and that RIO system placements also missed analyst targets during the first quarter of 2012. In conjunction with these disappointing results, the company also lowered its full-year 2012 placement guidance for its RIO system.
On this news, MAKO’s market capitalization collapsed by nearly 37% in a single day. Since these allegations have surfaced, MAKO has increasingly become the focus of costly public and legal scrutiny, while deficient internal controls continue to threaten the company’s business prospects and intrinsic value for shareholders.
Robbins Umeda LLP highlights that MAKO shareholders have the option to file a shareholder derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.