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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Mindray Medical International Limited

^{Published on 2011-07-21 10:56:53 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Robbins Geller Rudman & Dowd LLP (aRobbins Gellera) ([ http://www.rgrdlaw.com/cases/mindray/ ]) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Mindray Medical International Limited (aMindraya) (NYSE: MR) American depositary shares (aADSsa) during the period between January 11, 2010 and August 9, 2010 (the aClass Perioda).

"leading developer, manufacturer and marketer of medical devices worldwide."

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffa™s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [ djr@rgrdlaw.com ]. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at [ http://www.rgrdlaw.com/cases/mindray/ ]. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges Mindray and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The Company describes itself as a aleading developer, manufacturer and marketer of medical devices worldwide.a

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Companya™s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts: (a) that the Company was experiencing declining sales domestically, as a result of a lack of Chinese government tenders and a slowdown in non-tender Chinese sales; (b) that the Companya™s sales of its diagnostics and ultrasound equipment were not performing according to internal expectations; (c) that the Company was finding increased competition in penetrating the market for larger hospital systems in China; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.

In June and July 2010, information leaked into the market concerning issues with Mindraya™s business and operations, and the price of Mindray ADSs declined during this time period. Then, on August 9, 2010, Mindray announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, the Company reported net revenues of $179.2 million, net income of $42.3 million and basic and diluted earnings per share were $0.37 and $0.36, respectively. In reaction to the Companya™s announcement, the price of Mindray ADSs fell $5.15 per ADS, or 16%, to close at $27.35 per ADS, on August 10, 2010.

Plaintiff seeks to recover damages on behalf of all purchasers of Mindray ADSs during the Class Period (the aClassa). Plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.

Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site ([ http://www.rgrdlaw.com ]) has more information about the firm.