Class Action Lawsuit Alleges Intuitive Surgical (ISRG) Misled Investors

By on April 29, 2013

A shareholder class action lawsuit has been filed against Intuitive Surgical, Inc. (NASDAQ: ISRG) in the United States District Court for the Northern District of California.  The complaint was filed on behalf of purchasers of Intuitive common stock from October 19, 2011 to April 18, 2013.  The lawsuit alleges Intuitive violated the Securities Exchange Act of 1934.

On March 5, 2013, a Bloomberg expose revealed that at least ten lawsuits had been filed against Intuitive regarding injuries sustained with the company’s da Vinci Surgical System.  Additionally, the U.S. Food and Drug Administration (FDA) uncovered that the company’s robotic surgical systems had been linked to at least 70 deaths.

On April 18, 2013, CNBC ran a segment featuring interviews with doctors, lawyers, and patients who have filed lawsuits against Intuitive claiming they have suffered injuries while being operated on by surgeons using the da Vinci Surgical System.

In reaction to the television program, shares of Intuitive fell $8.62 per share to close at $484.75 per share on April 19, 2013.  The stock has fallen approximately 19% from its class period high of nearly $595 per share.

If you purchased shares of Intuitive between October 19, 2011 and April 18, 2013, you may file a motion with the court no later than June 25, 2013, and request that the court appoint you as lead plaintiff.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  To be appointed lead plaintiff, the court must decide that your claim is typical of the claims of other class members and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by your decision of whether or not to serve as a lead plaintiff.  You can recover as an absent class member without moving for lead plaintiff.  The action discussed here was not filed by Milberg.

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