NEW YORK, Aug. 2, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Foundation Medicine, Inc. ("Foundation" or the "Company") (NASDAQ: FMI). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/fmi.
The investigation concerns whether Foundation and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 29, 2015, Foundation announced its second quarter 2015 financial results and downgraded its financial guidance. Foundation said that its "clinical volume growth was affected by slower than anticipated progress toward obtaining a local coverage determination from [its] regional Medicare Administrative Contractor," and that "[a]s a result, [the Company was] adjusting guidance for clinical volume and annual revenues." The Company lowered its 2015 clinical test guidance to "between 35,000 and 38,000 clinical tests," down significantly from "between 43,000 and 47,000 clinical tests in 2015," and its 2015 revenue guidance to "the range of $85 to $95 million," also down significantly from "the range of $105 - $115 million." On that same day on a conference call with investors, The Company's CEO said that Foundation was "no longer assuming any Medicare payment for the rest of 2015." Following this news, Foundation stock dropped $7.00, or 23.89%, to close at $22.30.
Then on November 3, 2015, Foundation revealed an additional revision to its number of clinical tests it expected to report for 2015 and updated its range to 32,000 to 33,000, a substantial decrease from the range announced on July 29, 2015. Following this news, Foundation stock dropped $6.62, or 27.66%, to close at $17.31 on November 4, 2015.
If you are aware of any facts relating to this investigation, or purchased shares of Foundation, you can assist this investigation by visiting the firm's site: www.bgandg.com/fmi. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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