TranS1 Securities Settlement

If you purchased the securities of Baxano Surgical, Inc. f/k/a TranS1, Inc. (“TranS1” or the “Company”) between February 23, 2009 through October 17, 2011, both dates inclusive (the “Class Period”), you could be entitled to a payment from a class action settlement (the “Settlement”).

This Action brings claims against TranS1, Kenneth Reali, Joseph P. Slattery, Richard Randall, and Michael Luetkemeyer (the “Defendants”). TranS1 designed, developed, and marketed medical devices to treat degenerative disc disease affecting the lower lumbar region of the spine. Specifically, Plaintiff alleges that in order to sustain TranS1’s revenues, the Defendants encouraged physicians to utilize improper billing codes related to certain TranS1 products and services in order to increase reimbursement from federal and state healthcare insurance programs, such as Medicare and Medicaid. Plaintiff alleges that Defendants made false and/or misleading statements and/or omissions between February 23, 2009 and October 17, 2011, inclusive, regarding TranS1’s sales and marketing practices and compliance with healthcare fraud and abuse laws, including the False Claims Act, thereby exposing TranS1 to regulatory investigations and legal proceedings, as well as resulting fines and penalties. The operative complaint further alleges that partial disclosures and events revealed Defendants’ fraud, thereby injuring Plaintiff and Settlement Class Members. Plaintiff alleges that partial revelations of Defendants’ fraud caused stock declines, causing investors to suffer tremendous injury. The Defendants deny all of these allegations.

The Settlement Class includes:

All persons or entities who purchased or otherwise acquired TranS1 Common Stock or exchange-traded Call Options on TranS1 Common Stock, and all persons or entities who sold (wrote) exchange-traded Put Options on TranS1 Common Stock during the period between February 23, 2009 and October 17, 2011, both dates inclusive.

This website provides a summary of the rights you may have in connection with your participation in the Settlement, what steps you may take in relation to the Settlement and this class action, and, alternatively, what steps you must take if you wish to be excluded from the Settlement Class and this Action. If you are a Settlement Class Member (as defined above), your legal rights are affected whether you act or do not act. For more detailed descriptions, please read the Notice and other relevant documents, which are available here, to fully understand your rights.