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Finkelstein Thompson LLP Announces Investigation of Abiomed Inc


Friday, 2 Nov 2012 02:13pm EDT 

The law firm of Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of Abiomed Inc (Abiomed or the Company) in connection with the Company`s marketing of its Impella 2.5 heart pump system. On October 26, 2012, Abiomed 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. On October, 31, 2012, Abiomed accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation. The subpoena seeks documents related to the Impella 2.5 and we understand the investigation focuses primarily on marketing and labeling issues. Abiomed is in the process of responding to the subpoena and intends to cooperate fully. The Impella 2.5 is pumping system designed to provide short-term circulatory support for heart patients. Abiomed`s announcement follows a June 2011 warning letter from the United States Food and Drug Administration accusing the Company of making unsubstantiated and unauthorized efficacy claims about the Impella 2.5 system in its marketing materials. Following Abiomed`s announcement, the Company`s shares fell over 30%, closing the day at $13.59. 

Company Quote

24.64
0.16 +0.65%
17 Apr 2014