From the Wires
Block & Leviton LLP Files Securities Class Action Lawsuit Against Abiomed, Inc.
By: PR Newswire
Nov. 16, 2012 05:47 PM
BOSTON, Nov. 16, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has filed a securities class action on behalf of investors who purchased Abiomed, Inc. ("Abiomed" or the "Company") (NASDAQ: ABMD) stock between August 5, 2011 and October 31, 2012, inclusive (the "Class Period"). The lawsuit, captioned Simon v. Abiomed, Inc., et al., No. 1:12-cv-12137, is pending in the United States District Court for the District of Massachusetts. The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Throughout the Class Period, Defendants touted the Company's financial strength and future prospects. These statements, however, were materially false and misleading when made because the United States Food and Drug Administration ("FDA") repeatedly warned the Company that its promotional materials contained inappropriate claims regarding the Impella 2.5 catheter and suggested improper off-label uses. Defendants repeatedly assured investors that they had addressed the FDA's concerns and that the matter was resolved.
On November 1, 2012, Abiomed disclosed that the Department of Justice had initiated an investigation "focused on the Company's marketing and labeling of the Impella 2.5." On this news, shares of Abiomed's stock fell from $19.82 per share on October 31, 2012 to close at $13.61 on November 1, 2012.
If you are a member of the Class, you may, no later than January 15, 2012, request that the Court appoint you as Lead Plaintiff for the Class. You may contact the attorneys at Block & Leviton to discuss your rights in the case. You may also retain counsel of your choice and you need not take any action at this time to be a class member.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. If you have any questions regarding your rights related to this action or have information relevant to the claims asserted in the complaint, please contact attorney Leigh O'Neil of Block & Leviton, LLP at (617) 398-5600 or email@example.com.
Contact: BLOCK & LEVITON LLP
SOURCE Block & Leviton LLP
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