New York – October 19, 2009 – Kaplan Fox & Kilsheimer LLP has been investigating Mountain View, California-based Hansen Medical, Inc. (“Hansen” or the “Company”) (Nasdaq: HNSN) for potential violations of the federal securities laws. Investors who purchased the Company’s publicly traded securities since May 2, 2008 may be affected, including investors who purchased Hansen common stock in the Company’s April 2009 common stock offering.
On October 19, 2009, Hansen announced that it would be restating its consolidated financial statements for the year ended December 31, 2008 and the quarters ended March 31, 2008, June 30, 2008, September 30, 2008, March 31, 2009 and June 30, 2009. Specifically the Company stated as follows:
“[the restatements are necessary] to correct certain errors, some of which arose from potential irregularities occurring outside of the accounting department, regarding the timing of revenue recognition on the sale of some of its Sensei Robotic Catheter Systems …. An investigation by Hansen’s audit committee, with the assistance of independent outside counsel, has identified systems for which revenue should have been recognized in a later period than the period in which it was recognized and revenue on a smaller number of systems that should have been reflected as deferred revenue on Hansen’s balance sheet as of June 30, 2009….
On October 19, 2009, Hansen’s publicly traded common stock declined $0.31 per share, approximately 9%, from $3.43 per share to close at $3.12 per share on substantially greater than average volume.
If you purchased Hansen’s publicly traded securities and would like to discuss our investigation, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox
Donald R. Hall
Joel B. Strauss
Hae Sung Nam
Jeffrey P. Campisi
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail address: mail@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail address: mail@kaplanfox.com
