Robbins Umeda LLP* Appointed Co-Lead Counsel in Stereotaxis, Inc. Securities Class Action
On December 29, 2011, the United States District Court for the Eastern District of Missouri appointed Robbins Umeda LLP co-lead counsel in the class action lawsuit against Stereotaxis, Inc. (NasdaqGM: STXS) and the company’s former chief executive officer and chief financial officer. The securities class action alleges violations of the Securities Exchange Act of 1934 and the Securities and Exchange Commission Rule 10b-5 and seeks monetary recovery for shareholders who purchased or acquired Stereotaxis securities between February 28, 2011 and August 9, 2011, the defined class period of the case, under the U.S. federal securities laws.
The securities class action arises out of allegations that CEO Michael P. Kaminski, along with certain officers and directors at Stereotaxis, a cardiology instrument control systems company, issued a series of false and misleading statements during the class period and engaged in a scheme to deceive the public of the true condition and future prospects of the company. According to the complaint, these violations of U.S. federal securities laws caused the company’s stock price to soar to artificially high prices and caused shareholders to buy Stereotaxis securities at the inflated prices. When the truth about the company’s condition and future prospects at the time was revealed, the complaint details that the share price plummeted “over 71%” from the high during the class period and caused shareholders substantial economic loss.
As co-lead counsel in the securities class action, Robbins Umeda LLP is pursuing monetary recovery for all shareholders who bought Stereotaxis securities between February 28, 2011 and August 9, 2011. Shareholders and former employees of the company may contact the firm for additional information. Robbins Umeda LLP is a securities litigation firm that fights for shareholder causes and has served in leadership roles on behalf of individual and institutional shareholders in cases nationwide.
The case is Pound v. Stereotaxis, Inc., et al., Case No. 4:11-cv-01752-HEA (E.D. Mo.).
* The firm name changed from Robbins Umeda LLP to Robbins Arroyo LLP on January 1, 2013.