NEW YORK, Aug. 27, 2009 (GLOBE NEWSWIRE) -- Roy Jacobs & Associates announces that a class action lawsuit has been commenced in the United States District Court, Eastern District of Pennsylvania, on behalf of purchasers of the common stock of CardioNet, Inc. ("CardioNet" or the "Company")(Nasdaq:BEAT) for the period commencing April 30, 2009 and running through June 30, 2009 (the "Class Period"). CardioNet shares have dropped more than 48% in value.
For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-888-884-4490 or by e-mail to rjacobs@jacobsclasslaw.com.
The complaint charges CardioNet and certain of its officers and directors with violations of the Securities Exchange Act of 1934. CardioNet is the leading provider of ambulatory, continuous, real-time outpatient management solutions for the monitoring of clinical information on an individual's health.
During the Class Period, defendants made positive statements about the Company's revenues and earnings knowingly or recklessly disregarded that it was currently experiencing reductions in its reimbursement rates for its MCOT services and that these reimbursement rates were under review by payors, and a reduction in rates could result in the Company's current independent business model not being economically viable. Defendants' financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact because it was based on the current $1,123.07 rate for the MCOT system, which rate Defendants knew was under review by payors and which was likely to be reduced because of, inter alia, the cost-driven reimbursement environment which was driving down virtually all reimbursement levels set by commercial providers.
If you purchased CardioNet shares during the period (i) between April 30, 2009 through June 30, 2009, have suffered a loss, or (ii) purchased CardioNet shares prior to April 30, 2009, and intend to continue to hold your shares, and you are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you. All motions for Lead Plaintiff must be filed no later than October 26, 2009. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.