Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders of Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ: ABMD) between January 31, 2019, and July 31, 2019.
If you purchased Abiomed securities and/or would like to discuss your legal rights and options, please click “Join Class Action” above.
New York, New York—Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of shareholders of Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ: ABMD) between January 31, 2019, and July 31, 2019, inclusive (the “Class Period”). The lawsuit filed in the United States District Court for the Southern District of New York seeks to recover damages for Abiomed investors under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than October 7, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Abiomed’s revenue growth was in decline; (ii) the Company did not have a sufficient plan in place to stem its declining revenue growth; (iii) the Company was unlikely to restore its revenue growth over the next several fiscal quarters; (iv) consequently, Abiomed was reasonably likely to revise its full-year 2020 guidance in a way that would fall short of the Company’s prior projections and market expectations; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On August 1, 2019, the Company slashed its previously issued full-year 2020 guidance from total revenues in the range of $900-945 million to total revenues in the range of $885-925 million, which fell roughly $22 million short of market expectations. On this news, Abiomed’s stock price fell $73.69 per share, or 26.45%, to close at $204.87 per share on August 1, 2019.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Matthew E. Guarnero Bernstein Liebhard LLP
(877) 779-1414 MGuarnero@bernlieb.com