Meridian Bioscience, Inc. (NASDAQ:VIVO) Investor Securities Class Action Lawsuit 11/15/2017

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Company Name(s): 
Meridian Bioscience
Case Name: 
Meridian Bioscience Shareholder Class Action Lawsuit 11/15/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of Ohio
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 
Settlement Notice: 
Settlement Proof: 

October 09, 2019 - The court preliminarily approved the settlement.

September 05, 2019 - Parties filed a stipulation of settlement.

An investor in shares of Meridian Bioscience, Inc. (NASDAQ:VIVO) filed a lawsuit in the U.S. District Court for the Southern District of Ohio over alleged violations of Federal Securities Laws by Meridian Bioscience in connection with certain allegedly false and misleading statements made between March 25, 2016 and July 13, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Meridian Bioscience, Inc. (NASDAQ:VIVO) common shares between March 25, 2016 and July 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 25, 2016 and July 13, 2017, the Defendants issued materially false and/or misleading statements and/or failed to disclose thatDefendant’s lead tests provide inaccurate results, and that as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.

Meridian Bioscience, Inc. reported that its Total Revenue rose from $194.83 million for the 12 months period that ended on September 30, 2015 to over $196.08 million for the 12 months period that ended on September 30, 2016 and that its Net Income for those respective time periods declined from $35.54 million to $32.23 million.

On January 25, 2017, Meridian Bioscience, Inc announced negative first-quarter 2017 fiscal year financial results, revised its previously issued revenue guidance for the 2017 fiscal year downwards, and announced that the Board of Directors reduced the annual indicated dividend rate.

On May 17, 2017, the U.S. Food and Drug Administration ("FDA") issued a warning to Meridian Bioscience, Inc that lead tests conducted by the Company’s subsidiary, Magellan Diagnostics, may be incorrect. According to the FDA, tests performed on blood drawn from a vein has led to “results that are lower than the actual level of lead in the blood.” The FDA has recommended discontinuation of Magellan when testing with venous blood samples.

On July 13, 2017, Meridian Bioscience, Inc provided comments regarding the FDA statement and website announcement concerning the posting of the Form FDA-483 issued following the inspection of Magellan Diagnostics, which closed on June 29, 2017. As FDA noted, this Form represents the investigators’ observations and is not a final Agency determination. Consistent with FDA policy, Magellan will promptly submit responses to the Form FDA-483 for the Agency’s consideration.

On October 23, 2017, Meridian Bioscience’s subsidiary, Magellan Diagnostics received a warning letter from the FDA following an inspection. In its announcement of the same day, the FDA stated that the warning letter was the result of “several violations of federal law” by Magellan, including “marketing significantly modified versions of two of its blood lead testing systems without the FDA’s required clearance or approval and failing to submit medical device reports to the FDA after becoming aware of customer complaints involving discrepancies in blood lead test results.”