Vascular Solutions Inc.
Robbins Arroyo LLP Is Investigating the Officers and Directors of Vascular Solutions, Inc. (VASC) on Behalf of Shareholders
Robbins Arroyo LLP is investigating whether certain officers and directors of Vascular Solutions, Inc. (NASDAQ: VASC) breached their fiduciary duties to shareholders. Vascular Solutions is a medical device company that provides various solutions to interventional cardiologists, interventional radiologists, electro physiologists, and vein practices worldwide.
Vascular Solutions Indicted for Conspiring to Defraud the United States
On November 13, 2014, a federal grand jury in the Western District of Texas returned an indictment against Vascular Solutions and the company’s Chief Executive Officer, Howard Root. According to an announcement by the U.S. Department of Justice, Vascular Solutions and Mr. Root were each charged with selling medical devices without U.S. Food and Drug Administration (“FDA”) approval and conspiring to defraud the United States through the concealment of the illegal sales activity. Specifically, the indictment alleges that the company maintained a deceptive sales campaign for its Vari-Lase product line, which had received FDA approval for the treatment of superficial veins. Rather than limit its sales to the treatment of superficial veins, Vascular Solutions sold the products for the much riskier treatment of ablating “perforator” veins. On this news, shares of Vascular Solutions stock fell over 22%, to close at $23.74 on November 14, 2014.
Vascular Solutions Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.