Abiomed, Inc. (NASDAQ: ABMD) Investor Securities Class Action Lawsuit 08/06/2019

If you purchased a significant amount of shares of Abiomed, Inc. (NASDAQ: ABMD) between January 31, 2019 through July 31, 2019, and / or if you purchased any NASDAQ: ABMD shares prior to January 2019 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: October 7, 2019. NASDAQ: ABMD investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
ABIOMED
Case Name: 
ABIOMED Shareholder Class Action Lawsuit 08/06/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ABMD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/06/2019
Class Period Begin: 
01/31/2019
Class Period End: 
07/31/2019
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
10/07/2019
Summary: 

An investor in shares of Abiomed, Inc. (NASDAQ: ABMD) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Abiomed, Inc. in connection with certain allegedly false and misleading statements made between January 31, 2019 through July 31, 2019.

Danvers, MA based Abiomed, Inc. engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides continuum of care to heart failure patient.

On August 1, 2019, pre Abiomed, Inc. announced its financial and operating results for the first quarter of fiscal year 2020. Among other results, Abiomed, Inc. reported “first-quarter fiscal 2020 revenue of $207.7 million, an increase of 15.4% compared to revenue of $180.0 million for the same period of fiscal 2019”. This represented a significant decrease in revenue growth from 2Q 2019. Commenting on the Company’s surprising financial result disappointment, the Company’s Chairman, President, and CEO, Defendant Michael R. Minogue (“Minogue”), revealed that the Company’s “new training programs, organizational changes in distribution, and [] external initiatives… will require time to drive more growth in the future”.
Abiomed, Inc. also slashed its previously issued full-year 2020 guidance from total revenues in the range of $900-945 million to total revenues in the range of $885-925 million, which fell roughly $22 million short of market expectations.
Following the Company’s disclosure of its 1Q 2020 financial performance and revised guidance, Investor’s Business Daily published an article raising concern with Defendant Minogue’s prior public statements, titled: “This Medtech's CEO Promised To ‘Correct The Course’ — That Didn't Happen”.

Shares of Abiomed, Inc. (NASDAQ: ABMD) declined from $455.40 per share in September 2018 to as low as $181.02 per share on August 8, 2019

According to the complaint the plaintiff alleges on behalf of purchasers of Abiomed, Inc. (NASDAQ: ABMD) common shares between January 31, 2019 through July 31, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 31, 2019 through July 31, 2019, the defendants made false and/or misleading statements and/or failed to disclose that ABIOMED’s revenue growth was in decline, that the Company did not have a sufficient plan in place to stem its declining revenue growth, that the Company was unlikely to restore its revenue growth over the next several fiscal quarters, that consequently, ABIOMED was reasonably likely to revise its full-year 2020 guidance in a way that would fall short of the Company’s prior projections and market expectations, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.