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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of December 6, 2018 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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October 4, 2018 - The court preliminarily approved the settlement.
September 11, 2018 - A stipulation of settlement was filed by the parties.
September 29, 2017 - The court denied defendants' motion to dismiss.
August 21, 2014 - The court granted in part and denied in part the defendants' motion to dismiss.
December 16, 2013 - A motion to dismiss the amended complaint was filed.
October 15, 2013 - An amended complaint was filed.
April 26, 2013 - An investor in shares of Intuitive Surgical Inc (NASDAQ: ISRG) filed a lawsuit in the U.S. Northern District of California against Intuitive Surgical Inc over alleged violations of Federal Securities Law in connection with certain allegedly false and misleading statements made between October 19, 2011 and April 18, 2013.
According to the complaint the plaintiff alleges during the period between October 19, 2011 and April 18, 2013, that Intuitive Surgical Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing allegedly materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while concomitantly announcing quarter after quarter of record financial results. The plaintiff says that as a result of defendants’ efforts to conceal significant safety and efficacy problems with the da Vinci Surgical System and their statements concerning Intuitive Surgical Inc’s business metrics and financial prospects, Intuitive Surgical Inc stock traded at inflated prices between October 19, 2011 and April 18, 2013, reaching a high of nearly $595 per share in intraday trading by April 18, 2012.
Furthermore, the plaintiff claims that while Intuitive Surgical Inc’s stock was inflated between October 19, 2011 and April 18, 2013, certain Intuitive Surgical Inc’s senior executives sold close to 410,000 shares of their personally held Intuitive stock for proceeds of more than $218.6 million.
On March 5, 2013, a media report said that its review of at least ten lawsuits filed against Intuitive Surgical Inc during the prior 14 months and FDA adverse incident reports had uncovered that robotic surgical systems made by Intuitive Surgical Inc had been linked to at least 70 deaths in informal incident reports sent to the FDA since 2009.
Then, on April 18, 2013, a broadcast featured an expose on the da Vinci Surgical System consisting of interviews with, among others, doctors, lawyers, and patients who have filed lawsuits against Intuitive Surgical Inc claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. During the broadcast a former employee Intuitive Surgical Inc was interviewed under the condition of anonymity. The former employee stated that she recalls instances of complications that were not reported in the FDA’s MAUDE database, which contains voluntary reports by manufacturers concerning adverse events involving medical devices.
Shares of Intuitive Surgical Inc (NASDAQ: ISRG) declined from as high as $583.67 per share on February 1, 2013, to as low as $466.18 per share on April 19, 2013.