WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities that purchased the securities of Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ GS: ABMD) between August 5, 2011 and October 31, 2012, inclusive, (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company, certain of its officers and directors (the “Complaint”).
“focused on the Company’s marketing and labeling of the Impella 2.5.”
If you purchased shares of Abiomed during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/abiomed-inc-abmd.
Abiomed, a Delaware corporation headquartered in Danvers, Massachusetts, is a world leader in mechanical circulatory support and offers a continuum of care in heart recovery to heart failure patients. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges that the defendants failed to resolve issues stemming from the Company’s promotional and marketing materials for its Impella 2.5 Cardiac Support System (“Impella 2.5”). As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, Abiomed received letters from the United States Food and Drug Administration (“FDA”) in 2010, 2011 and 2012 informing them that the Company was marketing the Impella 2.5 in ways that were not compliant with FDA regulations. While the Company did not disclose the 2010 letter to investors, it misled investors regarding the 2011 and 2012 letters by stating that the Company was cooperating with the FDA to address those issues.
However, on November 1, 2012, Abiomed disclosed that the United States Department of Justice commenced an investigation “focused on the Company’s marketing and labeling of the Impella 2.5.” Finally, it became apparent to investors that the Company had not resolved the outstanding issues addressed by the FDA. On this news, shares in Abiomed declined 31%, from a close of $19.82 per share on October 31, 2012 to $13.61 per share on November 1, 2012, on volume of over 9 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than January 15, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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