Robbins Umeda LLP Announces the Filing of a Class Action Suit Against Mindray Medical International Limited
Robbins Umeda LLP, a shareholder rights litigation firm, announces the filing of a federal securities class action by an investor in the U.S. District Court for the Southern District of New York on behalf of purchasers of Mindray Medical International Limited (“Mindray”) (NYSE: MR) American depositary shares (“ADSs”) during the period between January 11, 2010 and August 9, 2010 (the “Class Period”).
Mindray, through its subsidiary Shenzhen Mindray Bio-Medical Electronics Co., Ltd., develops, manufactures, and markets medical devices worldwide. The company serves distributors, original design, and equipment manufacturers, as well as hospitals and government agencies. The company was founded in 1991, and is headquartered in Shenzhen, the People’s Republic of China.
The complaint charges certain officers and directors of Mindray with issuing materially false and misleading statements to investors designed to deceive the market and artificially inflate the value of the company. Specifically, beginning on January 11, 2010, Mindray initiated a coordinated campaign to deliberately conceal from investors material adverse facts about the company’s business operations, economic performance, senior management, and intrinsic value. Furthermore, during the class period, Mindray withheld information about the company’s declining sales in China, the poor performance of its diagnostics and ultrasound equipment, and the impact of increased competition in penetrating the market for larger hospitals in China.
On August 9, 2010, Mindray issued a press release announcing its financial results for the second quarter of fiscal year 2010. The announcement showcased disappointing results and contained the admission that Mindray executives were forced to lower the company’s yearly guidance. On this news, shares of the company’s stock plummeted 16% to close at $27.35 per share on August 10, 2010.
If you purchased stock in Mindray during the Class Period and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.