BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that investors of Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ:ABMD) have until January 15, 2013 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the District of Massachusetts on behalf of a class (the “Class”) comprising all purchasers of Abiomed securities between August 5, 2011 and October 31, 2012, inclusive (the “Class Period”).
Abiomed is a provider of medical devices in circulatory support and offers a continuum of care in heart recovery for acute heart failure patients. The Company’s Impella 2.5 catheter is a percutaneous micro heart pump with an integrated motor and sensors, designed primarily for use by interventional cardiologists to support patients in the cardiac catheterization lab who may require assistance to maintain their circulation.
The Complaint alleges that throughout the Class Period the defendants made materially false and misleading statements regarding the Company’s business, operations and financial prospects. Specifically, defendants misrepresented and/or failed to disclose that: (1) the Company was improperly marketing and/or labeling its Impella 2.5 system; (2) the Company’s financial results would be materially impacted if the Company were either forced to stop its improper conduct or unable to continue its improper conduct; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company’s statements were materially false and misleading at all relevant times.
On November 1, 2012, prior to the opening of the markets, Abiomed disclosed that on October 26, 2012 the Company was informed that the United States Attorney’s Office for the District of Columbia was conducting an investigation into Abiomed’s marketing and labeling of its Impella 2.5 system, and that on October, 31, 2012 Abiomed accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation. As a result of this news, shares of Abiomed declined $6.31 per share, or 31.33%, to close on November 1, 2012 at $13.61, on heavy trading volume.
If you are a member of the Class described above, you have certain rights, and have until January 15, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time, or may retain counsel of your choice. If you wish to discuss this action or learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.