CardioNet Inc BEAT Securities Stock Fraud

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Company: CardioNet Inc
Ticker Symbol: BEAT
Class Period: Apr-30-09 to Jun-30-09
Date Filed: Aug-27-09
Lead Plaintiff Deadline: Oct-26-09
Court: Eastern District of Pennsylvania
A class action lawsuit has been filed in the United States District Court, Eastern District of Pennsylvania on behalf of common stock purchasers of CardioNet, Inc. ("CardioNet" or the "Company") between April 30, 2009 and June 30, 2009, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.

The complaint charges CardioNet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CardioNet is the leading provider of ambulatory, continuous, real-time outpatient management solutions for the monitoring of clinical information on an individual's health.

During the Class Period, defendants made positive statements about the Company's revenues and earnings knowingly or recklessly disregarded that it was currently experiencing reductions in its reimbursement rates for its MCOT services and that these reimbursement rates were under review by payors, and a reduction in rates could result in the Company's current independent business model not being economically viable. Defendants' financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact because it was based on the current $1,123.07 rate for the MCOT system, which rate Defendants knew was under review by payors and which was likely to be reduced because of, inter alia, the cost-driven reimbursement environment which was driving down virtually all reimbursement levels set by commercial providers.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

CardioNet Inc BEAT Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible CardioNet Inc securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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