Mako Surgical shareholders file 6 lawsuits in 4 months after stock dives (MassDevice)
Mako Surgical reveals 6 shareholder lawsuits filed in the last 4 months over accusations of "misrepresentations and omissions" that may have artificially inflated the company's shares and led to a 92% drop in value.
Mako Surgical (NSDQ:MAKO) shareholders have filed 6 lawsuits in the last 4 months, accusing the company of misstating the company's sales and financial outlook in order to artificially inflate its stock value.
In May shareholders James Harrison and Brian Barker each sued the company and its leadership for allegedly misrepresenting sales of Mako's RIO robotic surgical arm system and hiking the company's financial guidance for 2012.
The lawsuits came on the heels of a tragic slide on Wall Street. MAKO shares tanked after the company reported Q1 sales of its Rio robotic surgery system that were lower than expected.
The lawsuits were filed on May 10 and 18, after MAKO shares notched a $57% tumble from a closing price of $40.89 on May 1 to a close at $25.97 on May 9. The slide continued through the middle of the month, with shares closing at $21.29 on May 14, a 92% drop from the beginni...
