SAN DIEGO & SOUTH JORDAN, Utah--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that it is investigating Merit Medical Systems, Inc. (NASDAQ: MMSI) for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. 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) Slashes FY19 Revenue Guidance
In February 2019, Merit announced in its fourth quarter 2018 and fiscal year 2018 results that the Company forecasted net sales of $1.011 billion to $1.030 billion for fiscal year 2019 ("FY19"). 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 its 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 its "own overestimation and forecasting." Following these disclosures, Merit's stock declined a staggering 62% from its closing price of $54.84 per share on July 25, 2019 to close at $20.66 per share on October 31, 2019.
Merit Medical Systems, Inc. (MMSI) Shareholders Have Legal Options
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.
Attorney Advertising. Past results do not guarantee a similar outcome.