Lawsuit Overview
August 3, 2016 - The court granted defendants' motion to dismiss.
March 18, 2016 - Defendants filed a motion to dismiss.
January 11, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased ConforMIS Inc (NASDAQ: CFMS) common shares pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with the Company’s July 1, 2015 initial public offering (IPO) or on the open market between July 1, 2015 and August 28, 2015. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between July 1, 2015 and August 28, 2015.
November 10, 2015 - Lead plaintiff and lead counsel were appointed.
November 2, 2015 - Lead plaintiff motions were filed.
September 3, 2015 - An investor in shares of ConforMIS Inc (NASDAQ: CFMS) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by ConforMIS Inc in connection with certain allegedly false and misleading statements made between July 1, 2015 and August 28, 2015.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased ConforMIS Inc (NASDAQ: CFMS) securities pursuant and/or traceable to ConforMIS Inc’s Registration Statement and Prospectus (defined below) issued in connection with ConforMIS Inc’s initial public offering on or about July 1, 2015 (the IPO or the Offering ) and/ or on the open market between July 1, 2015 and August 28, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between July 1, 2015 and August 28, 2015 defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that ConforMIS Inc’s manufacturing processes were flawed, that as a result of the flaws in ConforMIS Inc’s manufacturing process, a number of ConforMIS Inc’s knee replacement product systems were defective, and that as a result of the foregoing, ConforMIS Inc's public statements were materially false and misleading at all relevant times.
ConforMIS Inc reported that its annual Total Revenue rose from $34.60 million in 2013 to $48.19 million in 2014 and that its Net Loss declined from $47.89 million in 2013 to $45.72 million in 2014.
Shares of ConforMIS Inc (NASDAQ: CFMS) reached $25.78 per share on August 5, 2015.
Then on August 31, 2015, ConforMIS Inc (NASDAQ: CFMS) announced that it has initiated a voluntary recall of specific serial numbers of patient-specific instrumentation for its iUni, iDuo, iTotal CR and iTotal PS knee replacement product systems. ConforMIS Inc said it has initiated this action in response to three recent complaints of moisture on the patient-specific instrumentation and that a total of approximately 950 patient-specific instrumentation sets are affected by this recall, of which approximately 650 sets were used in knee-implant procedures and approximately 300 sets have been shipped but not yet used in scheduled surgeries.
Shares of ConforMIS Inc (NASDAQ: CFMS) declined to as low as $14.01 per share on September 2, 2015.