SAN DIEGO, Jan. 8, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of purchasers of ABIOMED, Inc. (ABMD) common stock during the period between February 15, 2012 and November 6, 2012.
The plaintiff alleges that the defendants violated Federal Securities Laws in connection the Company's marketing and labeling of the Impella 2.5.
If you purchased a significant amount of common stock of ABIOMED, Inc. (ABMD) between August 5, 2011 and October 31, 2012, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
More specifically, the plaintiff claims that defendants allegedly touted ABIOMED's financial strength and future prospects while in reality these statements were materially false and misleading when made because the United States Food and Drug Administration ("FDA") repeatedly warned ABIOMED, Inc. that its promotional materials contained inappropriate claims regarding the Impella 2.5 catheter and suggested improper off-label uses.
The plaintiff says that defendants repeatedly assured investors that they had addressed the FDA's concerns and that the matter was resolved.
Then on November 1, 2012, before the market opened, ABIOMED, Inc. announced its second quarter fiscal 2013 revenue and net income. Among other things, ABIOMED, Inc. also disclosed that on October 26, 2012, it was informed that the United States Attorney's Office for the District of Columbia is conducting an investigation that is focused on the Company's marketing and labeling of the Impella 2.5 and that on October, 31, 2012, it accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation.
Shares of ABIOMED, Inc. (ABMD) dropped from $19.91 per share on Wednesday, October 31, 2012, to as low as $13.15 per share on November 1, 2012 and continued to decline to as low as $12.49 per share on Dec. 7, 2012.
Those who purchased shares of ABIOMED, Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
The Shareholders Foundation, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6931