NEW YORK, Nov. 9, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at ABIOMED, Inc. ("Abiomed" or the "Company") (NasdaqGS: ABMD).
The investigation focuses on whether the Company and its executives violated federal securities laws by misrepresenting and mislabeling Abiomed's Impella 2.5 heart pump.
Abiomed announced on November 1, 2012 that the Washington, D.C. Attorney's Office was conducting an investigation focusing on the marketing and labeling of the Company's Impella 2.5 product. On October 31, 2012, Abiomed accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation. The subpoena seeks documents related to the Impella 2.5 and focuses primarily on marketing and labeling issues.
Abiomed's announcement follows a June 2011 warning letter from the United States Food and Drug Administration accusing the Company of making unsubstantiated and unauthorized efficacy claims about the Impella 2.5 system in its marketing materials.
After the Company's announcement on November 1, 2012, Abiomed stock plunged from a $19.82 closing price on October 31, 2012 to close at $13.61 on November 1, 2012 – losing almost a third of its value.
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If you purchased Abiomed stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/ABMD. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Abiomed's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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