Robbins Umeda LLP Announces the Filing of a Class Action Suit against Mindray Medical International Limited
04 Agosto 2011 - 1:37AM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm,
announces the filing of a federal securities class action by an
investor in the U.S. District Court for the Southern District of
New York on behalf of purchasers of Mindray Medical International
Limited ("Mindray") (NYSE: MR) American depositary shares ("ADSs")
during the period between January 11, 2010 and August 9, 2010 (the
"Class Period").
Mindray, through its subsidiary Shenzhen Mindray Bio-Medical
Electronics Co., Ltd., develops, manufactures, and markets medical
devices worldwide. The company serves distributors, original
design, and equipment manufacturers, as well as hospitals and
government agencies. The company was founded in 1991, and is
headquartered in Shenzhen, the People's Republic of China.
If you purchased stock in Mindray during the Class Period and
would like more information about your shareholder rights, please
contact attorney Gregory E. Del Gaizo at 800-350-6003 or via the
shareholder information form on our website.
The complaint charges certain officers and directors of Mindray
with issuing materially false and misleading statements to
investors designed to deceive the market and artificially inflate
the value of the company. Specifically, beginning on January 11,
2010, Mindray initiated a coordinated campaign to deliberately
conceal from investors material adverse facts about the company's
business operations, economic performance, senior management, and
intrinsic value. Furthermore, during the Class Period, Mindray
withheld information about the company's declining sales in China,
the poor performance of its diagnostics and ultrasound equipment,
and the impact of increased competition in penetrating the market
for larger hospitals in China.
On August 9, 2010, Mindray issued a press release announcing its
financial results for the second quarter of fiscal year 2010. The
announcement showcased disappointing results and contained the
admission that Mindray executives were forced to lower the
company's yearly guidance. On this news, shares of the company's
stock plummeted 16% to close at $27.35 per share on August 10,
2010.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
law firm's skilled litigation teams include former federal
prosecutors, former defense counsel from top multinational
corporate law firms, and career shareholder rights attorneys. For
more information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/mindray-medical
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