Shareholder Alert: Robbins LLP Reminds Investors Merit Medical Systems, Inc. (MMSI) Sued for Misleading Shareholders

SAN DIEGO & SOUTH JORDAN, Utah--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Merit Medical Systems, Inc. (NASDAQ: MMSI) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between February 26, 2019 and October 30, 2019. Merit manufactures and markets disposable medical devices for interventional, diagnostic, and therapeutics.

If you suffered a loss as a result of Merit's misconduct, click here.

Merit Medical Systems, Inc. (MMSI) Accused of Misleading Shareholders

According to the complaint, in 2018, Merit acquired Becton, Dickinson and Company, Cianna Medical, Inc., and Vascular Insights, LLC for a total of $360 million. In February 2019, Merit touted fourth quarter 2018 and fiscal year 2018 results with revenue growth of 8-10% and forecasted net sales of $1.011 billion to $1.030 billion for fiscal year 2019 ("FY19"). Merit also assured it was successfully integrating its acquired companies, its product pipeline was full, and expenses were being kept under tight control. In April 2019, Merit reported first quarter 2019 results that had "met and exceeded [its] expectations" and reaffirmed its FY19 guidance. However, in July 2019, Merit's second quarter 2019 financial results fell short of analyst expectations and the Company cut its FY19 sales outlook to $1.007-1.029 billion, citing "slower than expected uptake of acquired products" that were "short term" issues. Then, on October 30, 2019, Merit reported third quarter 2019 results, slashing its FY19 revenue guidance by 20% and reporting significant operational issues in all aspects of its business, many of which were due to defendants' "own overestimation and forecasting." Following these disclosures, Merit's stock declined a staggering 62% to close at $20.66 per share.

Merit Medical Systems, Inc. (MMSI) Shareholders Have Legal Options

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Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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