NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of Foundation Medicine, Inc. (“Foundation” or the “Company”) (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. To obtain additional information, go to:
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