Rigrodsky & Long, P.A.
Do you, or did you, own shares of Intuitive Surgical, Inc. (NASDAQ
Did you purchase your shares before October 19, 2011, or between
October 19, 2011 and April 18, 2013, inclusive?
Did you lose money in your investment in Intuitive Surgical, Inc.?
Do you want to discuss your rights?
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the Northern District of
California on behalf of all persons or entities that purchased the
common stock of Intuitive Surgical, Inc. ("Intuitive" or the "Company")
(NASDAQ GS: ISRG)
between October 19, 2011 and April 18, 2013, inclusive (the "Class
Period"), alleging violations of the Securities Exchange Act of 1934
against the Company and certain of its officers (the "Complaint").
If you purchased shares of Intuitive during the Class Period, or
purchased shares prior to the Class Period and still hold Intuitive, and
wish to discuss this action or have any questions concerning this notice
or your rights or interests, please contact Timothy
J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825
East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by
e-mail to firstname.lastname@example.org,
or at: http://www.rigrodskylong.com/investigations/intuitive-surgical-inc-isrg.
Intuitive designs, manufactures and markets da Vinci Surgical Systems
and related instruments and accessories, which taken together, are
advanced surgical systems that the Company believes represents a new
generation of surgery. The Complaint alleges that throughout the Class
Period, defendants made materially false and misleading statements, and
omitted materially adverse facts, about the Company's business,
operations and prospects. Specifically, the Complaint alleges that the
defendants concealed from the investing public that: (a) defects in the
da Vinci Surgical System had caused a substantial number of patient
injuries resulting in adverse incident reports prior to and during the
Class Period; (b) not all of these adverse incident reports were being
reported to the U.S. Food and Drug Administration ("FDA"), exposing the
Company to significant regulatory risk and potential criminal sanctions;
(c) Intuitive knew, based on the receipt and review of adverse incident
reports and its executive's knowledge of the then-ongoing discussions
with the FDA during the Class Period that there was a substantial risk
that the FDA might limit or restrict sales and marking of the da Vinci
Surgical System; (d) Intuitive was engaging in sales practices that
violated community standards and their own protocol agreed upon with the
FDA, further exposing the Company to criminal and civil sanctions; (e)
Intuitive was exposed to hundreds of millions of dollars in potential
civil liability to injured and deceased patients and their families; (f)
Intuitive failed to properly reserve for potential liability to civil
litigants; and (g) as a result, defendants lacked a reasonable basis to
make positive statements about the safety and effectiveness of the da
Vinci Surgical System, the Company's business metrics and its Class
Period financial results and outlook. As a result of defendants' false
and misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on April 18, 2013, CNBC's Investigations,
Inc. broadcast an expose on the da Vinci Surgical System consisting of
interviews with, among others, doctors, lawyers, and patients who have
filed lawsuits against Intuitive claiming they suffered injury while
being operated on by surgeons using the da Vinci Surgical System. During
the broadcast, CNBC referenced the FDA's MAUDE database, which contains
voluntary reports by manufacturers concerning adverse events involving
medical devices, including reports of injuries and deaths associated
with use of the da Vinci Surgical System. A former Intuitive employee,
interviewed by CNBC during the show on condition of anonymity, stated
that she recalled instances of da Vinci-related complications that were
not reported in MAUDE, and contended that the MAUDE database is
"significantly understated in terms of [da Vinci-related] complications."
Following this broadcast, shares in Intuitive fell $8.62 on April 19,
2013, on volume of over 1.5 million shares. Overall, shares in Intuitive
dropped almost 19% from a Class Period high of $594.89 per share to the
April 19, 2013 close price of $484.75.
If you wish to serve as lead plaintiff, you must move the Court no later
than June 25, 2013. A lead plaintiff is a representative party acting on
behalf of other class members in directing the litigation. In order to
be appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and that
the class member will adequately represent the class. Your ability to
share in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. Any member of the proposed class
may move the court to serve as lead plaintiff through counsel of their
choice, or may choose to do nothing and remain an absent class member.
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire