Lawsuit Overview
April 10, 2014 - The court granted the defendants motion to dismiss.
July 8, 2013 - The defendants' filed a motion to dismiss.
May 20, 2013 - The lead plaintiffs filed an amended complaint complaint on behalf of investors who purchased ABIOMED Inc (NASDAQ: ABMD) common shares between August 4, 2011 and October 31, 2012. The lead plaintiffs allege that the defendants violated the Securities Act of 1934 by issuing false and misleading statements between August 4, 2011 and October 31, 2012.
February 14, 2013 - The lead plaintiffs and lead counsel were appointed.
January 15, 2013 - The lead plaintiff motions were filed.
November 16, 2012 - An investor in shares of ABIOMED Inc (NASDAQ: ABMD) filed a lawsuit in the U.S. District Court for the District of Massachusetts against ABIOMED Inc over alleged Securities Laws Violations in connection with certain allegedly false and misleading statements in connection the Company's marketing and labeling of the Impella 2.5.
According to the complaint the plaintiff alleges on on behalf of investors who purchased ABIOMED Inc (NASDAQ: ABMD) stock between August 5, 2011 and October 31, 2012, that ABIOMED Inc violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
Specifically, the plaintiff alleges that Defendants touted ABIOMED Inc’s financial strength and future prospects while in reality these statements were materially false and misleading when made because the United States Food and Drug Administration ( FDA ) repeatedly warned ABIOMED Inc that its promotional materials contained inappropriate claims regarding the Impella 2.5 catheter and suggested improper off-label uses.
The plaintiff claims that defendants repeatedly assured investors that they had addressed the FDA's concerns and that the matter was resolved.
Then on November 1, 2012, before the market opened, ABIOMED Inc (NASDAQ: ABMD) announced its second quarter fiscal 2013 revenue and net income. Among other things, ABIOMED Inc also disclosed that on October 26, 2012, it was informed that the United States Attorney's Office for the District of Columbia is conducting an investigation that is focused on the Company's marketing and labeling of the Impella 2.5 and that on October, 31, 2012, it accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation.
Shares of ABIOMED Inc (NASDAQ: ABMD) dropped from $19.91 per share on Wednesday, October 31, 2012, to as low as $13.15 per share on November 1, 2012 and continued to decline to as low as $12.89 per share.
On November 16, 2012, NASDAQ: ABMD shares closed at $14.30 per share, which is significantly below its 52 week high of $26.17 per share.