According to a press release a law firm is currently investigating securities fraud claims against The Spectranetics Corporation (NASDAQ: SPNC) on behalf of investors who purchased Spectranetics Corp. (NASDAQ: SPNC) securities during the period between April 19, 2007 and September 4, 2008.

According to the press release the investigation focuses on potential conduct allegedly involving The Spectranetics Corporation (NASDAQ: SPNC), certain of its officers and/or directors which took place from approximately February 2007 to September 2008. According to the investigation on September 4, 2008, Spectranetics Corp. issued a press release revealing that it had been served by the United States Food and Drug Administration and the United States Immigration and Customs Enforcement with a search warrant issued by the United States District Court, District of Colorado. The search warrant reportedly sought information and correspondence relating to the promotion, use, testing, marketing, and sales of certain of Spectranetics Corp.s products, among other things.
The allegations against the Spectranetics Corp.and its officers include failing to notify investors and the public that Spectranetics Corp. lacked effective regulatory compliance controls, it illegally and extensively marketed its laser and catheters for uses not approved by the FDA, it failed to report to the FDA that tests found that its laser caused significant damage to stents when used in clinical trial, it illegally tested several products without FDA approval, it lacked effective internal controls, and Spectranetics Corp.s financial results were materially inflated, so the press release.
Before NASDAQ abruptly halted trading of the Spectranetics Corp s stock, shares already fell 47 percent to $4.73 per share. The following day, September 5, 2008, shares of Spectranetics were allowed to resume trading and closed at $5.63 per share, a decline of $3.37 per share, or 37 percent, from the September 3, 2008 closing price of $9.00 per share.

Then on September 25, 2008, Spectranetics Corp. reportedly revealed that it has been named as a defendant in several class action lawsuits filed in United States District Court for the District of Colorado, and that the United States Securities and Exchange Commission has requested documents from Spectranetics Corp. in connection with an investigation into its operations. In addition at least one former employee has also brought lawsuit against Spectranetics Corp. for wrongful termination and made allegations similar to certain of those discussed above, so the investigation.