Abiomed Class-action Lawsuit Filed; Hagens Berman Advises Investors of Jan. 15, 2013 Deadline
Hagens Berman, an investor-rights law firm is advising investors who purchased Abiomed, Inc. stock (NASDAQ:ABMD) between Aug. 5, 2011, and Oct. 31, 2012 (the “Class Period”) of the Jan. 15, 2013 deadline for moving to be lead plaintiff in a proposed class-action lawsuit against Abiomed Inc. (“Abiomed”) regarding alleged securities law violations. The deadline is only for those who wish to move for lead plaintiff in the proposed class action. The Court appoints as lead plaintiff the individual or group with the largest losses and who otherwise meets the requirements of an appropriate class representative.
The lawsuit, filed on Nov. 16, 2012, in the U.S. District Court for the District of Massachusetts, alleges that Abiomed, Inc. made false or misleading statements to investors regarding possible Food and Drug Administration concerns about the marketing of its flagship product, the Impella 2.5 system.
Investors with large losses who purchased or otherwise acquired Abiomed stock between Aug. 5, 2011, and Oct. 31, 2012, are encouraged to contact Hagens Berman to discuss moving for lead plaintiff in the case. Investors can contact Hagens Berman Partner Reed R. Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or by emailing ABMD@Hbsslaw.com.
On Nov. 1, 2012, Abiomed disclosed that the Department of Justice is investigating the marketing of the Impella 2.5 system, which is used to improve blood flow in heart surgery patients and represents a strong revenue source for the company.
Following the disclosure of the DOJ probe, Abiomed stock fell more than 30 percent. The stock continues to trade more than 25 percent below its Oct. 31, 2012 high of nearly $20.00.
“We have made substantial progress in our investigation concerning Abiomed’s conduct and failure to keep investors informed about the FDA’s concerns that it was marketing the Impella 2.5 off label and other matters,” said Mr. Kathrein. “Our investigation is continuing.”
Persons with knowledge that may help the investigation are encouraged to contact the firm. The Securities and Exchange Commission recently finalized new rules as part of its implementation of the whistleblower provisions in the Dodd-Frank Wall Street Reform Bill. The new rules protect whistleblowers from employer retaliation and allow the SEC to reward those who provide information leading to a successful enforcement with up to 30 percent of the recovery.
More information about this investigation is available at http://hb-securities.com/investigations/Abiomed.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The firm represents whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The firm’s securities law blog is at www.meaningfuldisclosure.com.
Firmani + Associates
Mark Firmani, 206-443-9357