Investor Says Stereotaxis Hid Problems With Products

Law360, New York (October 11, 2011, 3:57 PM EDT) -- Stereotaxis Inc. was hit with a putative shareholder class action in Missouri on Friday claiming the medical device maker hid problems with its flagship cardiology treatment systems, resulting in nearly $10 million in losses and the resignation of its chief financial officer.

The suit, filed on behalf of investors who purchased securities between Feb. 28 and Aug. 9, claims Stereotaxis puffed up reports on the demand for its Niobe and Odyssey systems, telling investors the company had an edge on the market and that customer feedback...
To view the full article, register now.