NEW YORK--(BUSINESS WIRE)--The Klein Law Firm announces the commencement of an investigation of Foundation Medicine, Inc. (NASDAQ: FMI) concerning possible violations of federal securities laws.
On July 29, 2015, the Company disclosed that it was not making the strides obtaining coverage it had claimed to have been making previously, and that in reality, 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 slashed its 2015 financial guidance, which, unbeknownst to investors, was based on an assumption that Medicare approval was going to be obtained in 2015. Then, on November 3, 2015, the Company disclosed a further revision to the already reduced number of clinical tests it expected to report for 2015. Following this disclosure, the price of Foundation common stock fell again, closing down $6.62 per share to close at $17.31 per share on November 4, 2015.
If you suffered a loss in Foundation and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kkclasslaw.com/FMI-Info-Request-Form-184.
Joseph Klein, Esq. is an experienced attorney and has also practiced as a Certified Public Accountant. Mr. Klein represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.