BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the September 26, 2017 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Foundation Medicine, Inc. (“Foundation” or the “Company”) (NASDAQ: FMI) securities between February 26, 2014 and November 3, 2015, inclusive (the “Class Period”). Foundation investors have until September 26, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Foundation investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
The Complaint filed in this class action alleges that, during the Class Period, the Company made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects. Specifically, the complaint alleges that the defendants made false and/or misleading statements regarding: (i) the reimbursement process and likelihood of coverage for Foundation’s tumor tests by Medicare; and (ii) the Company’s financial guidance. As a result of these false statements, Foundation common stock traded at artificially inflated prices during the Class Period.
On July 29, 2015, the Company disclosed that “clinical volume growth was affected by slower than anticipated progress towards obtaining a local coverage determination from our regional Medicare Administrative Contractor (MAC) and by some competitive noise in the market” and that, as such, the Company was “adjusting” its guidance for clinical volume and annual revenues. 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.
On this news, Foundation’s share price fell $6.62 per share, to close at $17.31 per share on November 4, 2015, thereby injuring investors.
If you purchased shares of Foundation during the Class Period you may move the Court no later than September 26, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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