CardioNet Wins Dismissal Of Investor Class Action

Law360, New York (August 12, 2010, 2:40 PM EDT) -- A federal judge has tossed a securities class action accusing CardioNet Inc. and two of its executives of inflating the value of the company's stock by making overly optimistic statements about the reimbursement rates Medicare would pay for its wireless heart monitor.

Judge Stewart Dalzell of the U.S. District Court for the Eastern District of Pennsylvania dismissed the case Tuesday, finding that CardioNet's investors had failed to plead falsity or scienter with respect to the defendants' allegedly false and misleading statements.

The suit alleged that despite...
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