ArthroCare falls 9% as firms investigate company financial reports
ArthroCare Corporation (Nasdaq:ARTC) is down 9% today after two law firms said they are investigating alleged fraud in the company’s revenues. On Monday, Austin, Texas-based ArthroCare announced it would restate its financial reports for 2007 and 2008. Today, the Rosen Law Firm said it has begun investigating allegations that ArthroCare violated federal securities laws through the improper reporting of revenues, MarketWatch reported. Also today, Klafter & Olsen LLP said it was investigating allegations that could turn into a class action complaint on behalf of investors.
In today’s trading, the medical device company is down $2.36 at $20.85 at 1:25 p.m. ET. Trading volume is more than three times the average at 3.6 million shares. The stock is down more 57% since January.
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