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Mindray Medical International Limited (NYSE: MR) Investor Securities Class Action Lawsuit 07/21/2011

  • If you purchased shares of Mindray Medical International Limited (ADR) (NYSE: MR), you might have certain options and should contact the Shareholders Foundation, Inc.

  • 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

Case Dismissed
Company
Mindray Medical International Ltd
Security
NYSE: MR

Case Name
Mindray Medical International Shareholder Class Action Lawsuit 07/21/2011
Type of Lawsuit
Shareholder Class Action
Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 20, 2011 - Order and notice of voluntary dismissal without prejudice.
September 27, 2011 - Lead plaintiff and lead counsel were appointed.

September 19, 2011 - Lead plaintiff motion was filed.

July 21, 2011 - An investor in American Depositary Receipts (ADRs) of Mindray Medical International Limited (NYSE: MR) filed a lawsuit in the U.S. District Court for the Southern District of New York against Mindray Medical International Limited over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of investors who purchased Mindray Medical International Limited American depositary shares ( ADSs ) between January 11, 2010 and August 9, 2010, that Mindray Medical International Limited certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding Mindray Medical International Limited’s business and prospects.

Mindray Medical International Limited's annual Revenue increased from $344.33million in 07 to $704.31million in 2010. Its Net Income rose over the same time frame from $$91.31million in 2007 to $155.47million in 2010. For the first quarter in 2011 Mindray Medical International Limited reported $180.90million quarterly Revenue compared to $145.84million one year earlier and a quarterly Net Income of $37.71million in 2011 compared to $36.20million for the first quarter in 2010.

Shares of Mindray Medical International Limited (ADR) (NYSE: MR) rose from as low as $14.80 per share in November 08 to as high as $38.82 in August 2010.

Specifically, the plaintiff alleges that in June and July 2010, information leaked into the market concerning issues with Mindray Medical International Limited's business and operations, and the price of Mindray ADSs declined during this time period.

Then, on August 9, 2010, Mindray Medical International Limited announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, Mindray Medical International Limited reported net revenues of $179.2 million, net income of $42.3 million and basic and diluted earnings per share were $0.37 and $0.36, respectively. The price of Mindray Mindray Medical International Limited ADSs fell $5.15 per ADS, or 16%, to close at $27.35 per ADS, on August 10, 2010.

NYSE: MR ADRs fell until the end of 2010 to $26.40 per share and traded at under $28 per share in early 2011. Recently NYSE: MR ADRs traded at roughly $27 per share.