Investors Hit Spectranetics With Fraud Suit

Law360, New York (August 5, 2009, 6:55 PM EDT) -- A group of Spectranetics Corp. investors has accused the medical devices company of defrauding its shareholders by illegally and secretly marketing one of its products for procedures not approved by the U.S. Food and Drug Administration.

Spectranetics Investor Group filed a consolidated class action against nine of the company's highest officials, including its president, vice president, chief operating officer and board of directors chairman, on Tuesday in the U.S. District Court for the District of Colorado.

Throughout the class period, the FDA had given Spectranetics approval...
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