New Federal Securities Cases
A class action has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased Abiomed, Inc. ("Abiomed" or the "Company") (NASDAQ: ABMD) stock between August 5, 2011 and October 31, 2012, inclusive (the "Class Period").
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Throughout the Class Period, Defendants touted the Company's financial strength and future prospects. These statements, however, were materially false and misleading when made because the United States Food and Drug Administration ("FDA") repeatedly warned the Company that its promotional materials contained inappropriate claims regarding the Impella 2.5 catheter and suggested improper off-label uses. Defendants repeatedly assured investors that they had addressed the FDA's concerns and that the matter was resolved.
On November 1, 2012, Abiomed disclosed that the Department of Justice had initiated an investigation "focused on the Company's marketing and labeling of the Impella 2.5." On this news, shares of Abiomed's stock fell from $19.82 per share on October 31, 2012 to close at $13.61 on November 1, 2012.
If you acquired Abiomed securities during the Class Period, you may, no later than January 15, 2013, request that the Court appoint you lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us.
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