Sep. 4--Agents from U.S. Immigration and Customs Enforcement (ICE) and the U.S. Food and Drug Administration this morning executed search warrants at the headquarters and a separate manufacturing facility of medical laser maker Spectranetics Corp.

Spokespersons from ICE, FDA and the U.S. Attorney's office in Denver all declined comment on the investigation. A joint statement said no further information was available "since this is early into an ongoing investigation."

Trading in the company's stock was halted at 11:05 a.m. today on the Nasdaq Stock Market at the company's request pending an announcement after Spectranetics shares had declined to a nearly four-year low of $4.73, shedding $4.27, or 47.4 percent of their value, on record volume of 6.29 million shares -- about 20 percent of the company's stock outstanding. Spectranetics shares posted the largest percentage drop of any NASDAQ stock Thursday. No announcement had been made by 4 p.m.; it's unclear when trading will resume.

At 2 p.m. Thursday, agents from the agency were still on the scene. Agents with ICE told Colorado Springs police that they were investigating whether parts from an international source had been improperly received, police spokesman Lt. David Whitlock said this afternoon. He had no further details. The federal agency requested a "uniformed presence" about 8:30 a.m. to execute the warrants, a police officer said.

The raid comes just days after Spectranetics Chief Executive John Schulte said in an interview that he expected revenue to continue rising and profits to improve in coming quarters. Under Schulte, the company's stock price jumped more than fourfold to a 15-year high of $16 late last year before dropping in February to less than $9 a share when it failed to meet stock analysts' profit forecast. Spectranetics shares, which trade under the symbol SPNC, fluctuated between $8.50 and $9.50 during most of August, down from the $13-$15 it traded for during August 2007.

Spectranetics employs 470, including nearly 300 in Colorado Springs, to manufacture medical lasers that are used to clear blockages in coronary and leg arteries. The company has been ranked one of the nation's fastest-growing publicly traded companies for the past two consecutive years by Fortune magazine. The company's medical lasers are approved for medical use by the FDA.

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