The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Fluidigm Corporation (“Fluidigm” or the “Company”) (NASDAQ: FLDM) securities during the period from February 7, 2019 through November 5, 2019, inclusive (the “Class Period”). Investors have until November 23, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 Fluidigm was experiencing longer sales cycles; (2) that, as a result, Fluidigm’s revenue was reasonably likely to decline; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 1, 2019, Fluidigm reported second quarter 2019 revenue of $28.2 million, well below analysts’ expectations of $32 million, citing weakness in its microfluidics segment. On this news, the Company’s share price fell $4.10, or 34%, to close at $8.05 per share on August 2, 2019, thereby injuring investors. Then, on November 5, 2019, after the market closed, Fluidigm reported that third quarter 2019 revenue declined 8.5% year-over-year primarily due to mass cytometry instrument sales. On this news, the Company’s share price fell $2.60, or 51%, to close at $2.51 per share on November 6, 2019, thereby injuring investors further.
If you acquired Fluidigm securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.