NEW YORK, Oct. 18, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against ConforMIS, Inc. (“ConforMIS” or the “Company”) (NASDAQ:CFMS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 15-cv-13295, is on behalf of a class consisting of all persons or entities who purchased ConforMIS securities: (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”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”) and the Securities Act of 1933 (the “Securities Act”).
If you are a shareholder who purchased ConforMIS securities during the Class Period, you have until November 2, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
ConforMIS, Inc., a medical technology company, develops, manufactures, and sells customized joint replacement implants. The company offers customized knee replacement products, including iTotal CR, a cruciate-retaining product; iTotal PS, a posterior cruciate ligament substituting product; iUni G2, a unicompartmental product for treatment of the medial or lateral compartment of the knee; and iDuo G2, a bicompartmental partial implant for patients with osteoarthritis of the patellofemoral compartment of the knee and either the medial or lateral compartment of the knee, as well as provides iJigs, customized single-use patient-specific instruments. It is also developing iTotal Hip, a customized total hip replacement implant. The company markets and sells its products through direct sales force, independent sales representatives, and distributors in the United States, Austria, Germany, Ireland, the United Kingdom, Switzerland, Hong Kong, and Singapore. ConforMIS, Inc was founded in 2004 and is headquartered in Bedford, Massachusetts.
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.
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 70 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
CONTACT: Robert S. Willoughby Pomerantz LLP firstname.lastname@example.org