San Diego, CA -- (SBWIRE) -- 11/19/2012 -- An investor in shares of ABIOMED, Inc. (NASDAQ:ABMD) filed a lawsuit in the U.S. District Court for the District of Massachusetts against ABIOMED, Inc. over alleged Securities Laws Violations in connection with certain allegedly false and misleading statements in connection the Company's marketing and labeling of the Impella 2.5.
Investors who purchased shares of ABIOMED, Inc. (NASDAQ:ABMD) between August 5, 2011 and October 31, 2012, have certain options and there are short and strict deadlines running. Deadline: Jan. 15, 2012. NASDAQ:ABMD investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on on behalf of investors who purchased ABIOMED, Inc. (NASDAQ:ABMD) stock between August 5, 2011 and October 31, 2012, that ABIOMED, Inc. violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
ABIOMED, Inc. said it has reviewed the complaint and believes that the allegations are without merit.
Specifically, the plaintiff alleges that Defendants touted ABIOMED’s financial strength and future prospects while in reality these statements were materially false and misleading when made because the United States Food and Drug Administration ("FDA") repeatedly warned ABIOMED, Inc. that its promotional materials contained inappropriate claims regarding the Impella 2.5 catheter and suggested improper off-label uses.
The plaintiff claims that defendants repeatedly assured investors that they had addressed the FDA's concerns and that the matter was resolved.
Then on November 1, 2012, before the market opened, ABIOMED, Inc. (NASDAQ:ABMD) announced its second quarter fiscal 2013 revenue and net income. Among other things, ABIOMED, Inc. also disclosed that on October 26, 2012, it 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 and that on October, 31, 2012, it accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation.
Shares of ABIOMED, Inc. (NASDAQ:ABMD) dropped from $19.91 per share on Wednesday, October 31, 2012, to as low as $13.15 per share on November 1, 2012 and continued to decline to as low as $12.89 per share.
On Nov. 16, 2012, NASDAQ:ABMD shares closed at $14.30 per share, which is significantly below its 52 week high of $26.17 per share.
Those who purchased shares of ABIOMED, Inc. (NASDAQ:ABMD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego