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Intuitive Surgical Inc (NASDAQ: ISRG) Investor Securities Class Action Lawsuit 08/06/2010

  • If you purchased shares of Intuitive Surgical Inc (NASDAQ: ISRG), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Intuitive Surgical, Inc.
Security
NASDAQ: ISRG

Case Name
Intuitive Surgical Shareholder Class Action 08/06/2010
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 16, 2014 - The Court of Appeals ordered the judgment of the district court. The case was dismissed.

June 20, 2012 - A notice of appeal was filed.

May 22, 2012 - The court granted the defendants motion to dismiss.

October 13, 2011 - A motion to dismiss the second amended complaint was filed.

September 12, 2011 - A second amended complaint was filed.

August 10, 2011 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

May 23, 2011 - A motion to dismiss the amended complaint was filed.

April 15, 2011 - An amended complaint was filed. 

August 6, 2010 - An investor in shares of Intuitive Surgical Inc (NASDAQ: ISRG) filed a lawsuit in the U.S. District Court for the Northern District of California against Intuitive Surgical Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between February 1, 2008 and January 7, 2009.

According to the complaint the plaintiff alleges that Intuitive Surgical Inc inflated its share price and that Intuitive Surgical Inc and others violated Federal Securities Laws by issuing between February 1, 2008 and January 7, 2009, “a series of false and misleading statements and omissions of material facts […] regarding the then-existing and even the potential market for the da Vinci robot ( a robotic surgical device that is Intuitive’s key product)”. The plaintiff alleges that these “material misstatements and omission caused the Company’s share price to reach over $353 per share […] allowing Defendants to reap in excess of $53million vis-à-vis insider trading proceeds”.

Then on January 7, 2009, after the market closed Intuitive shocked investors, so the lawsuit, when it issued a pre-announcement of its fourth quarter results “which proved to be just one of several shocking revelations that would send Intuitive Surgical Inc’s share price spiraling downwards”. Intuitive Surgical Inc’s stock price declined more than 6% from a close of $117.88 on January 6, 2009 to a close of $110.54 per share on January 08, 2009. Shares of Intuitive Surgical Inc (NASDAQ:ISRG) traded recently at $330.36 per share, down from its 52weekHigh of $393.92 per share. Intuitive Surgical Inc reported in 2007 Total Revenue of $600.83million, in 2008 $874.92million, and in 2009 $1.05217billion. Its Net Income increased over the same time period from $144.54million in 2007, to $204.31million in 2008, and $232.61million in 2009.

Intuitive Surgical Inc, located in Sunnyvale, CA, is engaged in the designing, manufacturing and marketing of da Vinci Surgical Systems, EndoWrist instruments, and surgical accessories.