NEW YORK--(BUSINESS WIRE)--The Law Offices of Vincent Wong notifies investors of an investigation concerning whether Foundation Medicine, Inc. (“Foundation Medicine”) (NASDAQ: FMI) violated federal securities laws.
Click here to learn about the case: http://docs.wongesq.com/FMI-Request-Form-1664. There is no cost or obligation to you.
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 learn more about the investigation of Foundation Medicine contact Vincent Wong, Esq. either via email email@example.com, by telephone at 212.425.1140, or visit http://docs.wongesq.com/FMI-Request-Form-1664.
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.