BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ: ABMD) securities between January 31, 2019 and July 31, 2019, inclusive (the “Class Period”). Abiomed investors have until October 7, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Abiomed 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 email@example.com.
On August 1, 2019, Abiomed announced its financial results for the first quarter of 2020, reporting its third consecutive quarter of slowing revenue growth. The Company also lowered its full year 2020 revenue guidance to a range of $885 to $925 million, from a range of $900 to $945 million, despite prior assurances that it could “correct the course.”
On this news, Abiomed’s stock price fell $73.69 per share, or over 26%, to close at $204.87 per share on August 1, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Abiomed’s revenue growth was in decline; (2) that the Company did not have a sufficient plan in place to stem its declining revenue growth; (3) that the Company was unlikely to restore its revenue growth over the next several fiscal quarters; (4) that, consequently, Abiomed was reasonably likely to revise its full-year 2020 guidance in a way that would fall short of the Company’s prior projections and market expectations; and (5) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Abiomed 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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