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Accelerate Diagnostics Inc (NASDAQ: AXDX) Investor Securities Class Action Lawsuit 03/19/2015

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Lawsuit Overview

Case Dismissed
Company
Accelerate Diagnostics Inc
Security
NASDAQ: AXDX

Case Name
Accelerate Diagnostics Shareholder Class Action Lawsuit 03/19/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Arizona

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 13, 2017 - The U.S. Court of Appeals for the Ninth Circuit dismissed the case.
February 26, 2016 - The lead plaintiffs filed a notice of appeal.

January 28, 2016 - The court granted defendants' motion to dismiss with prejudice.

July 21, 2015 - Defendants filed a motion to dismiss.

June 23, 2015 - The lead plaintiff filed an amended complaint.

June 9, 2015 - Lead plaintiff and lead counsel were appointed.

March 19, 2015 - An investor in shares of Accelerate Diagnostics Inc (NASDAQ: AXDX) filed a lawsuit in the U.S. District Court for the District of Arizona over alleged violations of Federal Securities Laws by Accelerate Diagnostics Inc in connection with certain allegedly false and misleading statements made between March 7, 2014 and February 17, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Accelerate Diagnostics Inc (NASDAQ: AXDX) common shares between March 7, 2014 and February 17, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the defendants allegedly misrepresented and/or failed to disclose to investors that Accelerate Diagnostics Inc’s main product the ID/AST system, formally known as the BACcel system, requires a positive blood culture to diagnose pathogens in a blood sample.

Accelerate Diagnostics Inc reported that its Net Loss increased from $15.28 million in 2013 to $30.93 million in 2014. Shares of Accelerate Diagnostics Inc (NASDAQ: AXDX) grew from under $1 per share in April 2012 to as high as $30.08 per share in June 2014, respectively $28.78 per share in October 2014.

On February 18, 2015, an article was published that asserted that Accelerate Diagnostics Inc falsely claimed that it had developed a technique for diagnosing pathogens in a blood sample without a need for using a blood culture, while in reality, the test required a blood culture, a fact that significantly reduced the value of the technology. Shares of Accelerate Diagnostics Inc (NASDAQ: AXDX0 declined to as low as $17.29 per share on February 23, 2015.