SOURCE: Kendall Law Group

Kendall Law Group

September 16, 2009 13:14 ET

Kendall Law Group Announces Securities Class Action Against CardioNet, Inc.

DALLAS, TX--(Marketwire - September 16, 2009) - Kendall Law Group, led by a former federal judge and former U.S. Attorney, announced today that a lawsuit has been filed against CardioNet, Inc. (NASDAQ: BEAT) and certain of its officers and directors for securities violations related to public statements made by the company affecting stock purchased between April 30, 2009 and June 30, 2009.

Any shareholder, who purchased CardioNet stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by October 27, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. If you wish to learn more about your rights as a shareholder or serving as a plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

The complaint, filed in the Eastern District of Pennsylvania, charges CardioNet, the leading provider of solutions for monitoring of clinical information on an individual's health, with violations of the federal securities laws due to a series of positive statements made while knowingly and recklessly disregarding the fact that the company was experiencing reductions in its reimbursement rates for its MCOT services. The reimbursement rates were under review by payors and a reduction in the rates could result in the Company's current independent business model not being economically viable. CardioNet's financial outlook for 2009-2010 and 2011 had no reasonable basis in fact because it was based on the current rate of $1,123.07 for the MCOT system, knowing that it was under review and would likely be reduced because of the cost-driven reimbursement environment which was driving down the reimbursement levels set by virtually all commercial providers.

Although every case is different, Kendall Law Group has participated in the recovery of over $800 million for defrauded shareholders. Led by a former federal judge and former U.S. Attorney, the firm has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or serving as a lead plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

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