Robbins Arroyo LLP Is Investigating the Officers and Directors of Vascular Solutions, Inc. (VASC) on Behalf of Shareholders
SAN DIEGO and MINNEAPOLIS, Nov. 20, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Vascular Solutions, Inc. (NASDAQ: VASC) breached their fiduciary duties to shareholders. Vascular Solutions is a medical device company that provides various solutions to interventional cardiologists, interventional radiologists, electro physiologists, and vein practices worldwide.
View this press release on the law firm's Shareholder Rights Blog: http://www.robbinsarroyo.com/shareholders-rights-blog/vascular-solutions-inc
Vascular Solutions Indicted for Conspiring to Defraud the United States
On November 13, 2014, a federal grand jury in the Western District of Texas returned an indictment against Vascular Solutions and the company's Chief Executive Officer, Howard Root. According to an announcement by the U.S. Department of Justice, Vascular Solutions and Mr. Root were each charged with selling medical devices without U.S. Food and Drug Administration ("FDA") approval and conspiring to defraud the United States through the concealment of the illegal sales activity. Specifically, the indictment alleges that the company maintained a deceptive sales campaign for its Vari-Lase product line, which had received FDA approval for the treatment of superficial veins. Rather than limit its sales to the treatment of superficial veins, Vascular Solutions sold the products for the much riskier treatment of ablating "perforator" veins. On this news, shares of Vascular Solutions stock fell over 22%, to close at $23.74 on November 14, 2014.
Vascular Solutions Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, Ca 92101
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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