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Milberg LLP Announces Pendency of Class Action Lawsuits Filed Against Abiomed Inc

Thursday, 6 Dec 2012 11:24am EST 

Milberg LLP announced that class action lawsuits were filed in the United States District Court for the District of Massachusetts on behalf of purchasers of Abiomed Inc (Abiomed) common stock during the period August 5, 2011 to October 31, 2012, (the Class Period). The Complaints allege violations of the anti-fraud provisions of the Securities Exchange Act of 1934 against Abiomed and certain of its officers and directors. Specifically, the Complaints allege that positive statements Abiomed made were materially false and misleading because the FDA frequently warned Abiomed that marketing materials regarding the Impella 2.5 Cardiac Support System contained inappropriate off-label use claims, and the Company did not appropriately remedy these issues, all the while issuing positive statements about its business and the Impella 2.5 system. On November 1, 2012, Abiomed disclosed that the United States Department of Justice had begun an investigation into the Company's marketing and labeling of the Impella 2.5. In reaction to this news, Abiomed's share price fell 31.33% to close at $13.61 on November 1, 2012. 

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0.43 +1.67%
24 Jul 2014