NEW YORK, Oct. 22, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased shares of ConforMIS, Inc. ("ConforMIS" or the "Company") (NasdaqGS: CFMS), (1) pursuant and/or traceable to the Company's Registration Statement and Prospectus (defined below) issued in connection with the Company's initial public offering on or about July 1, 2015 (the "IPO" or the "Offering"); and/or (2) on the open market between July 1, 2015 and August 28, 2015, both dates inclusive (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies both in connection with its IPO and in subsequent filings with the SEC. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's manufacturing processes were flawed; (ii) that as a result of the flaws in the Company's manufacturing process, a number of the Company's knee replacement product systems were defective; and (iii) as a result of the foregoing, ConforMIS's public statements were materially false and misleading at all relevant times.
On August 31, 2015, pre-market, the Company announced that it had initiated a voluntary recall of specific serial numbers of patient-specific instrumentation for certain of its knee replacement product systems, in response to recent complaints of moisture on the patient-specific instrumentation. A total of approximately 950 patient-specific instrumentation sets were affected by ConforMIS's recall. On this news, the Company's stock dropped $3.78, or 19.11%, to close at $16.00 on August 31, 2015. At the close of trading on September 2, 2015, the Company's share price closed at $14.18 per share.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in ConforMIS you have until November 2, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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 Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC