|[November 21, 2012]
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Abiomed, Inc.
LOS ANGELES --(Business Wire)--
Glancy Binkow & Goldberg LLP, representing investors of Abiomed, Inc.
("Abiomed" or the "Company") (NASDAQ:ABMD), has filed a class action
lawsuit in the United States District Court for the District of
Massachusetts on behalf of a class (the "Class") consisting of all
purchasers of Abiomed securities between August 5, 2011 and October 31,
2012, inclusive (the "Class Period").
A copy of the Complaint
is available from the court or from Glancy Binkow & Goldberg LLP. Please
contact us by phone to discuss this action or to obtain a copy of the
Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email
Abiomed is a provider of medical devices in circulatory support and
offers a continuum of care in heart recovery for acute heart failure
patients. The Company's Impella 2.5 catheter is a percutaneous micro
heart pump with an integrated motor and sensors, designed primarily for
use by interventional cardiologists to support patients in the cardiac
catheterization lab who may require assistance tomaintain their
The Complaint alleges that throughout the Class Period the defendants
made materially false and misleading statements regarding the Company's
business, operations and financial prospects. Specifically, defendants
misrepresented and/or failed to disclose that: (1) the Company was
improperly marketing and/or labeling its Impella 2.5 system; (2) the
Company's financial results would be materially impacted if the Company
were either forced to stop its improper conduct or unable to continue
its improper conduct; (3) the Company lacked adequate internal and
financial controls; and (4) as a result of the foregoing, the Company's
statements were materially false and misleading at all relevant times.
On November 1, 2012, prior to the opening of the markets, Abiomed
disclosed that on October 26, 2012 the Company was informed that the
United States Attorney's Office for the District of Columbia was
conducting an investigation into Abiomed's marketing and labeling of its
Impella 2.5 system, and that on October, 31, 2012 Abiomed accepted
service of a Health Insurance Portability and Accountability Act
administrative subpoena related to this investigation. As a result of
this news, shares of Abiomed declined $6.31 per share, or 31.33%, to
close on November 1, 2012 at $13.61, on heavy trading volume.
If you are a member of the Class described above, you may move the
Court, no later than January 15, 2013 to serve as lead plaintiff;
however, you must meet certain legal requirements. If you wish to learn
more about this action or have any questions concerning this Notice
or your rights or interests with respect to these matters, please
contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, by
telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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