Micrus' slashed earnings forecast stirs discontent among shareholders:
This article was originally published in Clinica
Disgruntled investors in embolic coil device manufacturer Micrus are suing the company for securities fraud - a reaction to the profit warning issued by the company last month. The San Jose, California firm had cut its revenue guidance for fiscal 2008 as a result of uncertainty over the approvals of products by Chinese and Japanese authorities, as well as slower-than expected sales in North America (see Clinica No 1274, p 3). Schatz Nobel Izard (Hartford, Connecticut) and Couglin Stoia Geller Rudman & Robbins (New York) have filed class action lawsuits in a US district court in Florida on behalf of investors who purchased shares in Micrus between February 12 and September 17 2007.