May 3, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Cardiovascular Systems Inc (NASDAQ:CSII), was announced concerning whether certain Cardiovascular Systems officers and directors possibly breached their fiduciary duties in connection with certain statements.

The investigation by a law firm concerns whether certain Cardiovascular Systems officers and directors breached their fiduciary duties and caused damage to the company and its shareholders by, among other things, failing to implement adequate internal controls.

Cardiovascular Systems Inc reported that its Total Revenue rose from $78.78 million for the 12 months period that ended on June 30, 2011 to $82.49 million for the 12 months period that ended on June 30, 2012 and that its respective Net Loss increased from $11.12 million to $16.79 million.

Shares of Cardiovascular Systems Inc (NASDAQ:CSII) grew from $3.93 per share in July 2010 to as high as $20.69 per share on April 1, 2013.

On April 30, 2013 an article was published that said the U.S. attorney's office for the Eastern District of New York issued subpoenas requesting information from three companies, including Cardiovascular Systems.

NASDAQ:CSII shares declined on April 30, 2013, to $16.66 per share.

On May 3, 2013, Shares of Cardiovascular Systems Inc closed at $17.98 per share.