SOURCE: Levi & Korsinsky, LLP

September 16, 2009 16:02 ET

Levi & Korsinsky, LLP Announces Class Action Lawsuit Against CardioNet, Inc. - BEAT

NEW YORK, NY--(Marketwire - September 16, 2009) - Levi & Korsinsky announces that a class action lawsuit has been filed 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").

The complaint alleges that CardioNet and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose during the Class Period that the Company was experiencing reductions in its reimbursement rates for its MCOT services, that these reimbursement rates were under review by payors, that a reduction in rates could result in the Company's current independent business model not being economically viable and that, as a result, the Company's financial outlook for 2009, 2010 and 2011 had no reasonable basis in fact. 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 purchased CardioNet common stock during the Class Period and wish to serve as lead plaintiff, you must move the court by October 26, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

If you wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/beat1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Fax: (212) 363-7171
    www.zlk.com