On October 4, 2016, pre-market, the Company announced that it was withdrawing its 510(k) premarket notification submission for the Meritas Troponin-I Test and Meritas Point-of-Care Analyzer on the advice of the U.S. Food and Drug Administration. Citing the application withdrawal, Trinity also stated it would reduce its spending by nearly 85%, to $1.5 million from $9 million a year, and that it would close a Swedish facility, eliminating 40 jobs.
On this news, Trinity's share price fell $6.53, or 50.27%, to close at $6.46 on October 4, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP