LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Foundation Medicine, Inc. (“Foundation” or the “Company”) (Nasdaq: FMI) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s shares between February 26, 2014 and November 3, 2015, inclusive (the “Class Period”), are encouraged to contact the firm before September 26, 2017, the lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
We also encourage you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, CA 90067, at 800-977-7401, to discuss your rights free of charge. You can also reach us through the firm’s website at http://www.goldberglawpc.com/, or by email at firstname.lastname@example.org.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Complaint alleges that during the Class Period, Foundation made false and misleading statements, and/or failed to disclose, material information about its business and prospects. On July 29, 2015, the Company disclosed that it was not making the strides obtaining coverage it claimed to have been making during the Class Period, and that Foundation would receive no Medicare payments in 2015 for its tumor profiling tests due to a delay in receiving a local coverage determination from its regional Medicare Administrative Contractor. As a result of the delay, the Company cut its 2015 financial guidance, which was based on an assumption that Medicare approval was going to be obtained in 2015. Following this news, Foundation’s stock price dropped significantly. On November 3, 2015, the Company revealed a further revision to the already reduced number of clinical tests it expected to report for 2015. Following this disclosure, Foundation’s stock price fell materially again, causing investors harm.
Goldberg Law PC represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
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