ArthroCare falls to 52-week low on news of SEC inquiry
ArthroCare Corporation (Nasdaq:ARTC) is down 10% today to a 52-week low on below-average volume. The medical device company continued its multi-day decline after announcing on Thursday the U.S. Securities and Exchange Commission began an informal inquiry into the company’s financial practices. On Monday, ArthroCare announced it was restating its earnings for 2006, 2007 and the first quarter of 2008. Shares of Austin-based ArthroCare are down $2.29 today at $21.29. The stock is down more than 55% since January.
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