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Faruqi & Faruqi, LLP Is Investigating Genoptix, Inc. On Behalf of Its Shareholders - GXDX

^{Published on 2010-12-08 14:46:23 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors and Officers of Genoptix, Inc. (aGenoptixa or the aCompanya) (NASDAQ: GXDX). The investigation focuses on possible violations of the federal securities laws and breaches of fiduciary duties by Genoptix and certain of its Officers and Directors.

The investigation focuses on allegations that certain statements issued by the Company regarding Genoptixa™s business, operations and prospects misrepresented the Companya™s financial performance. Specifically, the investigation pertains to the Company's approach to hematology and oncology testing and diagnostics, and the projections that Genoptix would be able to double or triple the size of its market share in a short period of time, while failing to disclose that the Companya™s business model was not working and, on the contrary, was causing Genoptix to lose its market share. As a result, Genoptix's stock traded at artificially inflated prices during July 31, 2009 and June 15, 2010, inclusive (the aClass Perioda), reaching a high of $38.79 per share on April 30, 2010.

On May 6, 2010, Genoptix issued a press release announcing first quarter 2010 financial results far below consensus. On this news, the Companya™s stock fell $8.37 per share to close at $27.89 per share on May 7, 2010, a decline of approximately 23%. Further, on June 16, 2010, Genoptix issued another press release providing a first look at its second quarter 2010 performance and updating its guidance for the full-year 2010. The Company reduced its revenue guidance to $210 million, down from previous guidance of $235 to $240 million, and its earnings per share guidance to $1.20 per share, down from previous guidance of $1.80 to $1.85 per share. On this news, the Companya™s stock fell another $5.69 per share to close at $17.19 per share on June 16, 2010, a decline of approximately 25%.

If you are a purchaser of Genoptixa™s common stock during the Class Period and have lost in excess of $100,000, request more information now by clicking here: [ www.faruqilaw.com/GXDX ]

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firma™s clients.

If you are a purchaser of Genoptixa™s common stock during the Class Period and have lost in excess of $100,000 in connection with your ownership of common stock in Genoptix and wish to obtain additional information, please visit us at [ www.faruqilaw.com/GXDX ] or contact Juan E. Monteverde, Esq. either via e-mail at [ jmonteverde@faruqilaw.com ] or by telephone at (877) 247-4292 or (212) 983-9330.

Attorney Advertising.(C) 2010 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ([ www.faruqilaw.com ]). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.