BigClassActions.com
Advertisement

Mindray Medical International Limited MR Securities Stock Fraud

- by

Company: Mindray Medical International Limited
Ticker Symbol: MR
Class Period: Jan-11-10 to Aug-9-10
Date Filed: Jul-21-11
Lead Plaintiff Deadline: Sep-19-11
Court: Southern District of New York
Allegations:
New York, NY: A securities 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 ("Mindray") American depositary shares ("ADSs") during the period between January 11, 2010 and August 9, 2010 (the "Class Period").

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

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company'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 Company'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 Mindray'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 Company'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.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

Mindray Medical International Limited MR Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Mindray Medical International Limited securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

Maybe it's your stockbroker

Add Your Comment on This Issue

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Request Legal Help