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Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Abiomed Inc


Thursday, 29 Nov 2012 05:30pm EST 

Ryan & Maniskas, LLP announced that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of persons who purchased Abiomed Inc stock between August 5, 2011 and October 31, 2012 (the Class Period). Throughout the Class Period, the Company's principle product was the Impella 2.5 Cardiac Support System ("Impella 2.5"). The complaint alleges that, throughout the Class Period, Abiomed issued a series of materially false and misleading statements to investors about the Company's financial strength and prospects. Specifically, the complaint alleges that positive statements regarding the Company were materially false and misleading because the FDA repeatedly warned Abiomed that the Company's marketing and promotional materials regarding the Impella 2.5 contained inappropriate claims and suggested improper off-label uses. Abiomed repeatedly assured investors that the FDA's concerns had been addressed and that the matter was resolved. Then, on November 1, 2012, Abiomed announced that the United States Department of Justice was investigating "the Company's marketing and labeling of the Impella 2.5." On this news, Abiomed's share price fell 32%, from $19.82 per share on October 31, 2012 to close at $13.61 on November 1, 2012. 

Company Quote

31.35
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30 Oct 2014