NASDAQ:ABMD Long-Term Investor Alert: Investigation over Possible Wrongdoing at ABIOMED, Inc.
An investigation on behalf of current long term investors in ABIOMED, Inc. (NASDAQ:ABMD) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:ABMD stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWire) -- 11/28/2012 --An investigation on behalf of current long-term stockholders of shares of ABIOMED, Inc. (NASDAQ:ABMD) was announced concerning whether certain directors and officers of ABIOMED, Inc. potentially breached of fiduciary duties in connection with statements in connection the Company's marketing and labeling of the Impella 2.5.
Investors who are current long term stockholders in shares of ABIOMED, Inc. (NASDAQ:ABMD) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in ABIOMED, Inc. (NASDAQ:ABMD) stocks follows a lawsuit filed earlier by shareholders against ABIOMED, Inc. (NASDAQ:ABMD) over alleged securities laws violations.
The investigation on behalf of current long term investors in ABIOMED, Inc. (NASDAQ:ABMD) stocks concerns whether certain ABIOMED officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of Massachusetts the plaintiff alleges that ABIOMED, Inc. violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
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 $12.78 on November 9, 2012.
On Nov. 27, 2012, NASDAQ:ABMD shares closed at $14.65 per share.
Those who are current long term stockholders in shares of ABIOMED, Inc. (NASDAQ:ABMD) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
Media Relations Contact
Shareholders Foundation, Inc.
View this press release online at: http://rwire.com/183403