LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired 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.
If you are a shareholder who suffered a loss, click here to participate.
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.
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If you purchased Abiomed securities during the Class Period, you may move the Court no later than October 7, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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