In an announcement that sent investors clamoring for cover, the U.S. District Court of Colorado served Spectranetics with a search warrant.
It seems that both FDA and U.S. Immigration and Customs Enforcement officials suspect the maker of excimer lasers hasn’t been playing by the rules. The search warrant requested information and correspondence related to:
- The promotion, use, testing, marketing and sales related to the company’s in-stent restenosis treatment.
- The promotion, use, testing, experimentation, delivery, marketing and sales of catheter guidewires and balloon catheters.
- Two post-market studies completed during the period from 2002 to 2005 and payments to medical personnel in connection with those studies.
- Compensation packages for certain employees.
NASDAQ halted trading of Spectranetics on the news. When trading resumed, shares dropped over $4. Spectranetics is cooperating with authorities.
Previously: Spectranetics Buys Kensey Nash Endovascular Unit