Lead Plaintiff Deadline 10/23/2023
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Masimo Corporation (“Masimo” or the “Company”) (NASDAQ: MASI) securities during the period from February 28, 2023 through July 17, 2023, inclusive (the “Class Period”). Investors have until October 23, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 17, 2023, Masimo released preliminary financial results for the second quarter of 2023, revealing lower-than-expected revenue. The Company claimed that “[l]arge orders that were anticipated for the second quarter were delayed to the second half of the year” and that “[s]ingle-patient use sensor sales were down due to . . . [e]levated sensor inventory levels at some customers.” On this news, the price of Masimo shares declined by $29.43 per share, or approximately 20%, from $147.16 per share to close at $117.73 on July 18, 2023.
The lawsuit alleges that Defendants failed to disclose material information concerning Masimo’s inability to accurately project sales and revenue throughout the Class Period.