SOURCE: Izard Nobel LLP

August 28, 2009 14:52 ET

Izard Nobel LLP Announces Class Action Lawsuit Against CardioNet, Inc.

HARTFORD, CT--(Marketwire - August 28, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of those who purchased the common stock of CardioNet, Inc. ("CardioNet" or the "Company") (NASDAQ: BEAT) between April 30, 2009 and June 30, 2009, inclusive (the "Class Period").

The Complaint charges that CardioNet and certain of its officers and directors violated federal securities laws. Specifically, defendants failed to disclose the following: (i) that the Company was experiencing reductions in its reimbursement rates for its Mobile Cardiac Outpatient Telemetry ("MCOT") services and that these reimbursement rates were under review by payors; (ii) a reduction in rates could result in the Company's current independent business model not being economically viable; and (iii) defendants' financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact because it was based on the current rate for the MCOT system, which defendants knew was likely to be reduced because of the cost-driven reimbursement environment which was driving down virtually all reimbursement levels set by commercial providers.

If you are a member of the class, you may, no later than October 26, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

Contact Information