SOURCE: Brower Piven, A Professional Corporation

December 10, 2010 15:27 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Genoptix, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the February 4, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - December 10, 2010) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of purchasers of the common stock of Genoptix, Inc. ("Genoptix" or the "Company") (NASDAQ: GXDX) during the period between July 31, 2009 and June 15, 2010, 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 February 4, 2011 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.

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 its business model was unsustainable due to continuing challenges it was facing in the industry, including increased competition, increased managed care pressures, decreased sales force effectiveness and changing trends at the physician level and that as a result, the Company's past results could not and would not continue and would have difficulty maintaining its current client base and could actually lose market share. According to the Complaint, after, on May 6, 2010, Genoptix issued a press release announcing first quarter 2010 financial results far below consensus, and after, on June 16, 2010, Genoptix issued a press release providing a first look at its second quarter 2010 performance and reducing its guidance for the full-year 2010, the value of Genoptix stock declined substantially.

If you have suffered a net loss for all transactions in Genoptix, 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 www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 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

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact