CardioNet Can't Escape IPO Class Action

Law360, New York (September 2, 2011, 12:37 PM EDT) -- A California state judge on Friday denied CardioNet Inc.'s motion to dismiss a putative securities class action alleging the heart monitor maker made false statements about its reimbursement rate in the run-up to its 2008 initial public offering.

Judge Joan M. Lewis of the California Superior Court in San Diego County denied CardioNet's motion for demurrer — the equivalent of a motion to dismiss under California state law — finding that “at the pleading stage plaintiff has sufficiently pled a material misrepresentation or omission in the...
To view the full article, register now.