SAN DIEGO and DANVERS, Mass., Nov. 27, 2012 /PRNewswire/ -- Shareholder rights firm Robbins Umeda LLP announces that a complaint has been filed in the United States District Court for the District of Massachusetts on behalf of persons who purchased Abiomed, Inc. (NASDAQ: ABMD) ("Abiomed" or the "Company") stock between August 5, 2011 and October 31, 2012 (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors.
Abiomed manufactures, markets, and sells various types of medical devices designed for circulatory support and continuum of care in heart recovery to acute heart failure patients. Throughout the Class Period, the Company's principle product was the Impella 2.5 Cardiac Support System ("Impella 2.5"). The complaint alleges that, throughout the Class Period, Abiomed issued a series of materially false and misleading statements to investors about the Company's financial strength and prospects. Specifically, the complaint alleges that positive statements regarding the Company were materially false and misleading because the FDA repeatedly warned Abiomed that the Company's marketing and promotional materials regarding the Impella 2.5 contained inappropriate claims and suggested improper off-label uses. Abiomed repeatedly assured investors that the FDA's concerns had been addressed and that the matter was resolved.
Then, on November 1, 2012, Abiomed announced that the United States Department of Justice was investigating "the Company's marketing and labeling of the Impella 2.5." On this news, Abiomed's share price fell 32%, from $19.82 per share on October 31, 2012 to close at $13.61 on November 1, 2012.
If you purchased or otherwise acquired Abiomed stock during the Class Period and wish to serve as lead plaintiff, you must act no later than January 15, 2013. To discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website.
Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/abiomed-inc/.
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SOURCE Robbins Umeda LLP