SOURCE: Brower Piven, A Professional Corporation

September 11, 2009 17:00 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in CardioNet, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the October 26, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - September 11, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of the common stock of CardioNet, Inc. ("CardioNet" or the "Company") (NASDAQ: BEAT) during the period between April 30, 2009 and June 30, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 26, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was experiencing reductions in its reimbursement rates for its MCOT services and that these reimbursement rates were under review by payors, and a reduction in rates could result in the Company's current independent business model not being economically viable and that, therefore, the Company's financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact. According to the complaint, after it became known that the reimbursement rates for its MCOT services were under review by payors and were likely to be reduced, the value of CardioNet's stock declined significantly.

If you have suffered a net loss for all transactions in CardioNet, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact