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Bernstein Liebhard LLP Announces Investigation Into Abiomed Inc

Friday, 2 Nov 2012 05:24pm EDT 

Bernstein Liebhard LLP announced an investigation into Abiomed Inc (Abiomed or the Company) relating to the Company's marketing and labeling of its Impella 2.5 heart pump. Abiomed is a purported pioneer in healthcare technology and innovation and is famous for the world's first total replacement heart and the world's smallest heart pump. The Impella 2.5 pump is designed to provide short-term circulatory support for heart patients. On November 1, 2012, Abiomed issued a press release stating that the United States Attorney's Office for the District of Columbia had notified the Company on October 26, 2012 that it was conducting an investigation focusing on the 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 focuses primarily on marketing and labeling issues. 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. After the Company's adverse announcement on November 1, 2012, Abiomed stock plunged from a $19.82 closing price on October 31, 2012 to close at $13.61 on November 1, 2012 -- losing almost a third of its value. 

Company Quote

0.41 +1.56%
11:14am EDT