The law firm of Kirby McInerney LLP is investigating potential claims against Embecta Corporation (“Embecta” or the “Company”) (NASDAQ:EMBC). The investigation concerns whether Embecta and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Embecta provides medical supplies and equipment.
On December 20, 2022, Embecta issued a press release announcing the company's fourth quarter and full year 2022 financial results. Embecta's report included fourth-quarter revenue of $274.6 million, down 8.7% year-over-year, a $58.9 million impairment charge “related to the abandonment of certain U.S. manufacturing lines that are no longer expected to be completed,” and “550 million in impairment charges related to the abandonment of the purchase commitment of [the production line].” On this news, the price of Embecta shares declined by $5.08, or approximately 15.64%, from $32.48 per share to close at $27.40 on December 20, 2022.