Shareholders Foundation, Inc.

Intuitive Surgical, Inc. (NASDAQ:ISRG) Long-Term Investor Alert: Investigation over Possible Wrongdoing

An investigation on behalf of current long term investors in Intuitive Surgical, Inc. (NASDAQ:ISRG) shares over possible breaches of fiduciary duty by certain officers and directors was announced and Intuitive Surgical, Inc. (NASDAQ:ISRG) stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 

San Diego, CA -- (SBWIRE) -- 07/22/2013 -- An investigation on behalf of investors who purchased shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) in 2011 and currently hold any of those shares, was announced concerning whether certain Intuitive Surgical directors and officers breached their fiduciary duties in connection certain statements made between October 19, 2011 and April 18, 2013.

Investors who are current long term stockholders in Intuitive Surgical, Inc. (NASDAQ:ISRG) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in Intuitive Surgical, Inc. (NASDAQ:ISRG) stocks follows a lawsuit filed against Intuitive Surgical, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in Intuitive Surgical, Inc. (NASDAQ:ISRG) stocks, concerns whether certain Intuitive Surgical officers and directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Northern District of California the plaintiff alleges that Intuitive Surgical, Inc. violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that defendants issued between October 19, 2011 and April 18, 2013 a series of allegedly materially false and misleading statements highlighting the purported safety and effectiveness of the da Vinci Surgical System, while concomitantly announcing quarter after quarter of record financial results.

The plaintiff says that as a result of defendants’ efforts to conceal significant safety and efficacy problems with the da Vinci Surgical System and their statements concerning Intuitive Surgical’s business metrics and financial prospects, Intuitive Surgical stock traded at inflated prices between October 19, 2011 and April 18, 2013, reaching a high of nearly $595 per share in intraday trading by April 18, 2012.

Furthermore, the plaintiff claims that while Intuitive Surgical’s stock was inflated between October 19, 2011 and April 18, 2013, certain Intuitive Surgical’s senior executives sold close to 410,000 shares of their personally held Intuitive stock for proceeds of more than $218.6 million.

On March 5, 2013, a media report said that its review of at least ten lawsuits filed against Intuitive Surgical, Inc. during the prior 14 months and FDA adverse incident reports had uncovered that robotic surgical systems made by Intuitive Surgical, Inc. had been linked to at least 70 deaths in informal incident reports sent to the FDA since 2009.

Then, on April 18, 2013, a broadcast featured an expose on the da Vinci Surgical System consisting of interviews with, among others, doctors, lawyers, and patients who have filed lawsuits against Intuitive Surgical, Inc. claiming they suffered injury while being operated on by surgeons using the da Vinci Surgical System. During the broadcast a former employee Intuitive Surgical, Inc. was interviewed under the condition of anonymity. The former employee stated that she recalls instances of complications that were not reported in the FDA’s MAUDE database, which contains voluntary reports by manufacturers concerning adverse events involving medical devices.

Shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) declined from as high as $583.67 per share on February 1, 2013, to as low as $466.18 per share on April 19, 2013.

O\n July 8, 2013, Intuitive Surgical, Inc. announced certain preliminary second quarter 2013 financial results. Intuitive Surgical, Inc said it expects revenue for the second quarter of 2013 of approximately $575 million, and that it expects second quarter 2013 net income of approximately $160 million compared with $155 million for the second quarter of 2012.

Shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) declined from $504.01 per share on July 5, 2013, to $406.90 per sahare on July 9, 2013.

Then on July 18, 2013, Intuitive Surgical, Inc. announced its second quarter financial results.

Shares of Intuitive Surgical, Inc. declined on July 19, 2013, to as low as $358.28 per share.

Those who are current long term investors in Intuitive Surgical, Inc. (NASDAQ:ISRG) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com