BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Foundation Medicine, Inc. (“Foundation” or the “Company”) (NASDAQ: FMI) investors concerning the Company and its officers’ possible violations of federal securities laws.
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, the price of Foundation common stock fell $6.62 per share, to close at $17.31 per share on November 4, 2015.
If you purchased Foundation securities, have information or would like to learn more about these claims, or 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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