NEW YORK--(BUSINESS WIRE)--The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Foundation Medicine, Inc. ("Foundation") (NASDAQ: FMI) between February 26, 2014 and November 3, 2015. You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the District of Massachusetts. To get more information go to:
or contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972. There is no cost or obligation to you.
The complaint alleges that throughout the class period Defendants issued materially false and/or misleading statements and/or failed to disclose that: (1) the reimbursement process and likelihood of coverage for Foundation’s tumor tests by Medicare; and (2) 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 it was not making the strides obtaining coverage it had 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 slashed its 2015 financial guidance. 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.
If you suffered a loss in Foundation you have until September 26, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.