LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP, representing investors of Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ:ABMD), has filed a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of a class (the “Class”) consisting of all purchasers of Abiomed securities between August 5, 2011 and October 31, 2012, inclusive (the “Class Period”).
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email at email@example.com.
Abiomed is a provider of medical devices in circulatory support and offers a continuum of care in heart recovery for acute heart failure patients. The Company’s Impella 2.5 catheter is a percutaneous micro heart pump with an integrated motor and sensors, designed primarily for use by interventional cardiologists to support patients in the cardiac catheterization lab who may require assistance to maintain their circulation.
The Complaint alleges that throughout the Class Period the defendants made materially false and misleading statements regarding the Company’s business, operations and financial prospects. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company was improperly marketing and/or labeling its Impella 2.5 system; (2) the Company’s financial results would be materially impacted if the Company were either forced to stop its improper conduct or unable to continue its improper conduct; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
On November 1, 2012, prior to the opening of the markets, Abiomed disclosed that on October 26, 2012 the Company was informed that the United States Attorney’s Office for the District of Columbia was conducting an investigation into Abiomed’s marketing and labeling of its Impella 2.5 system, and that on October, 31, 2012 Abiomed accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation. As a result of this news, shares of Abiomed declined $6.31 per share, or 31.33%, to close on November 1, 2012 at $13.61, on heavy trading volume.
If you are a member of the Class described above, you may move the Court, no later than January 15, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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