SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a shareholder of Fluidigm Corporation (NASDAQ: FLDM) has filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between February 7, 2019 and November 5, 2019. Fluidigm manufactures and markets products and services that are used by reasearchers to study health and disease, identify biomarkers, and accelerate the development of therapies.
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Fluidigm Corporation (FLDM) Accused of Misrepresenting its Business, Operations, and Prospects
According to the complaint, during the relevant period, Fluidigm touted its positive financial results. However, defendants failed to disclose that it was experiencing longer sales cycles and as a result, its revenue was reasonably likely to decline. The truth was partially revealed on August 1, 2019, when Fluidigm reported second quarter 2019 revenue below analysts' expectations, citing weakness in its microfluids segment. On this news, Fluidigm's share price fell 35%, to close at $8.05 per share on August 2, 2019. Then, on November 5, 2019, Fluidigm reported that third quarter 2019 revenue had declined 8.5% year-over-year due to mass cytometry instrument sales, which had decreased 23 percent from the prior year. On this news, Fluidigm's share price fell 51%, to close at $2.51 per share on November 6, 2019.
If you purchased Fluidigm Corporation (FLDM) securities between February 7, 2019 and November 5, 2019, you have until November 20, 2020, to ask the court to appoint you lead plaintiff for the class.
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