SAN DIEGO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons who purchased or otherwise acquired Masimo Corporation (NASDAQ: MASI) common stock between February 28, 2023 and July 17, 2023. Masimo is a global medical technology company that develops, manufactures, and markets a variety of noninvasive monitoring technologies.
For more information, submit a form, email Aaron Dumas, Jr., or give us a call at (800) 350-6003.
What is this Case About: Masimo Corporation (MASI) Misled Investors Regarding its Sales Forecast
According to the complaint, defendants misled investors by creating the false impression that they possessed reliable information pertaining to the Company’s sales pipeline. This was false. Defendants’ forecasting processes failed to adequately account for potential loss of sensor sales among Masimo’s customers, as well as the potential decline in demand for premium and luxury audio categories. Alternatively, defendants deliberately ignored the decline in sales. In either event, defendants misled investors by providing the public with materially flawed revenue guidance for fiscal 2023.
The truth emerged on July 17, 2023, when Masimo issued a press release announcing its second quarter 2023 earnings. Defendants announced lower than expected revenue for the second quarter of fiscal 2023 and preliminarily decreased full-year revenue estimates for both healthcare and non-healthcare segments. On this news, the price of Masimo’s common stock declined from a closing market price of $147.16 per share on July 17, 2023, to $117.73 per share on July 18, 2023, a decline of nearly 20%.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Masimo Corporation. Shareholders who want to act as lead plaintiff for the class must file their motion for lead plaintiff by October 21, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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| Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 adumas@robbinsllp.com (800) 350-6003 www.robbinsllp.com | https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ |
