N@N

Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Stereotaxis, Inc.

^{Published on 2011-10-11 17:40:31 - Market Wire}
 

BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of purchasers of the common stock of Stereotaxis, Inc. (aStereotaxisa or the aCompanya) (NASDAQ:STXS) between February 28, 2011 and August 9, 2011, inclusive (the aClass Perioda), seeking to pursue remedies under the Securities Exchange Act of 1934. The class action lawsuit was filed in the United States District Court for the Eastern District of Missouri.

Stereotaxis designs, manufactures and markets cardiology instrument control systems for the treatment of arrhythmias and coronary artery diseases. The Company's Niobe system navigates catheters, guidewires and other treatment delivery devices through complex paths in the blood vessels and heart chambers, and its Odyssey enterprise solutions provide information solutions to manage, control, record and share procedures across networks. The Complaint alleges that during the Class Period the Company and certain of its executive officers concealed from investors that: (1) Stereotaxisa™ business model was not working because the Company was unable to leverage its extensive portfolio and scale of products and services in a strategically beneficial manner; (2) market feedback from users of the technology was "mixed," therefore wide adoption was not apredictablea; (3) the Niobe system did not meet the astandard of carea and needed afundamental product improvementsa; (4) demand for the Niobe and Odyssey systems was weak, and the number of units being sold was decreasing; (5) the Companya™s reported order backlog did not fairly represent future revenue the Company expected to recognize; and (6) the Company overstated its market edge and, as a result, the Companya™s financial guidance for 2011 was materially false and misleading.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Stereotaxis common stock between February 28, 2011 and August 9, 2011, you have certain rights, and have 60 days from October 10, 2011, to move for lead plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].