Class lawsuit against Hansen Medical filed

Class lawsuit against Hansen Medical filed
24. October 2009 04:23

Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased the securities of Hansen Medical, Inc. (“Hansen” or the “Company”) (Nasdaq:HNSN) between May 1, 2008 and October 18, 2009, inclusive (the “Class Period”).

A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at http://www.glancylaw.com.

The Complaint charges Hansen and certain of the Company’s executive officers with violations of federal securities laws. Hansen develops products and technology using robotics for the accurate positioning, manipulation and control of catheters and catheter-based technologies. Its first product, the Sensei® Robotic Catheter system, is a robotic navigation system that enables clinicians to accurately place mapping catheters in hard-to-reach anatomical locations within the heart during complex cardiac arrhythmia procedures. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Hansen’s business, operations and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company improperly recognized revenue; (2) that, as a result, the Company’s revenue and financial results were overstated during the Class Period; (3) that the Company’s financial results were not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); (4) that the Company lacked adequate internal and financial controls; and (5) that, as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.

On October 19, 2009, Hansen shocked investors when it revealed that the audit committee of Hansen’s board of directors, upon the recommendation of management, concluded that the Company’s previously issued financial statements contained in its annual report on Form 10-K for the year ended December 31, 2008, and the Company’s quarterly reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008, September 30, 2008, March 31, 2009 and June 30, 2009, should no longer be relied upon because of errors arising from “potential irregularities outside of the accounting department.” In addition, Hansen indicated that the related press releases, reports and stockholder communications describing the Company’s financial statements for the identified periods and the report of Hansen’s independent registered accounting firm, PricewaterhouseCoopers LLP, related to the year ended December 31, 2008 also should no longer be relied upon. According to the Company, Hansen identified systems for which revenue should have been recognized in a later period than the period in which it was recognized, and revenue on systems that should have been reflected as deferred revenue on its balance sheet as of June 30, 2009.

As a result of this news, the price of Hansen shares declined $0.31 per share, more than 9%, to close on October 19, 2009, at $3.12 per share, on unusually heavy trading volume.

Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.

If you are a member of the class described above, you may move the Court, no later than 60 days from the date of this Notice, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to info@glancylaw.com, or visit our website at http://www.glancylaw.com.