|[December 04, 2012]
Newman Ferrara LLP Announces That A Securities Fraud Class Action Lawsuit Has Been Filed Against ABIOMED, Inc.
NEW YORK --(Business Wire)--
Newman Ferrara LLP announces that a class action lawsuit has been filed
in the United States District Court for the District of Massachusetts
against ABIOMED, Inc. ("Abiomed") (Nasdaq: ABMD) and certain of its
executive officers, alleging violations of federal securities laws.
Investors who purchased Abiomed securities between August 5, 2011 and
October 31, 2012 (the "Class Period") may apply with the Court to be
appointed Lead Plaintiff no later than January 15, 2013. The Lead
Plaintiff will direct the litigation on behalf of the other class
members. The Court will select the Lead Plaintiff from among applicants
claiming the largest investment losses.
Abiomed provides cardiac assist devices designed to provide circulatory
support and care to patients with acute heart failure. One of Abiomed's
primary products is a micro heart pump called the Impella 2.5 catheter.
The Complaint alleges that the defedants issued false and/or misleading
statements and/or failed to disclose that: (1) Abiomed was improperly
marketing and labeling Impella 2.5 and had received warnings about such
improper practices from the Food and Drug Administration; (2) Abiomed's
financial results would be materially negatively impacted if Abiomed was
forced to cease improperly marketing and labeling Impella 2.5; and (3)
Abiomed lacked adequate internal and financial controls.
On November 2, 2012, Abiomed disclosed that on October 26, 2012, it had
been informed that the United States Attorney's Office was conducting an
investigation into Abiomed's marketing and labeling of Impella 2.5 and
on October 31, 2012, Abiomed had accepted service of a Health Insurance
Portability and Accountability Act administrative subpoena related to
that investigation. On this news, shares of Abiomed stock dropped 31.3%
to a November 1, 2012 closing price of $13.61 per share.
Investors who purchased shares of Abiomed stock during the Class Period
are encouraged to contact Newman Ferrara attorney Roy Shimon at email@example.com
or call (212) 619-5400 to discuss this lawsuit or the Lead Plaintiff
Newman Ferrara maintains a multifaceted practice based in New York City
with attorneys specializing in complex commercial and multi-party
litigation, securities fraud and shareholder litigation, consumer
protection, civil rights, and real estate. For more information, please
visit the firm website at www.nfllp.com.
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