LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it is investigating potential claims on behalf of investors of ConforMIS, Inc. ("ConforMIS" or the "Company") (NASDAQ:CFMS). The investigation concerns whether the Company violated federal securities laws by issuing materially misleading information regarding its internal controls, manufacturing and compliance practices. GPM is preparing a lawsuit to recover damages on behalf of investors.
On August 31, 2015, ConforMIS disclosed that the Company has started a voluntary recall of almost 1,000 instrument sets used with certain of its knee-replacement product systems in response to recent complaints of moisture. The Company further disclosed that it has temporarily suspended use of a ethylene oxide sterilization process believed to be tied to the moisture issue; and that it sees manufacturing “substantially reduced” in September and October 2015 as its investigation is completed. ConforMIS now expects a negative effect on sales, and sees 2015 revenues in the range of $64m-$66m, versus a previous revenue range of $72m-$74m. On this news shares of ConforMIS fell $3.78 to close on August 31, 2015 at $16.00, a one day decline of 19% on volume of over 2 million shares.
If you purchased ConforMIS securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Casey Sadler, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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