A lawsuit was filed on behalf of investors in Zimmer Biomet Holdings Inc (NYSE:ZBH) shares over alleged securities laws violations. Deadline: January 31, 2017. NYSE:ZBH investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/06/2016 -- An investor, who purchased NYSE:ZBH shares, filed a lawsuit in over alleged violations of Federal Securities Laws by Zimmer Biomet Holdings Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Zimmer Biomet Holdings Inc (NYSE:ZBH) have certain options and for certain investors are short and strict deadlines running. Deadline: January 31, 2017. NYSE:ZBH investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims that the Defendants failed to disclose that supply chain problems led to a decrease in order fulfillment rates, most notably within Zimmer's knee and hip portfolios, that, as such, the Company would not achieve its revenues and profit forecast, and that, as a result of the foregoing, Defendants' statements about Zimmer's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On October 31, 2016 Zimmer Biomet Holdings Inc announced that it was reducing its full-year forecast for 2016 from a previous estimate of $7.71 billion, Zimmer Biomet Holdings Inc said it now predicts revenues to be between $7.63 billion and $7.65 billion.
Following the press release, in a conference call with investors, the Defendant Florin stated: "Third quarter revenue was below our expectations, primarily due to execution issues within our large joint supply chain, which led to a degradation in order fulfillment rates late in the quarter as well as our performance in dental. As a consequence, we underestimated demand for certain key cross-sell brands within our existing customer base, leading to a depletion of our safety stocks and also affecting our ability to capitalize on new customer opportunities."
Shares of Zimmer Biomet Holdings Inc (NYSE:ZBH) declined to as low as $95.63 per share on November 14, 2016.
Those who purchased shares of Zimmer Biomet Holdings Inc have certain options and should contact the Shareholders Foundation.
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