LOS ANGELES, Jan. 9, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of all purchasers of the securities of Abiomed, Inc. ("Abiomed" or the "Company") (Nasdaq:ABMD) between August 5, 2011 and October 31, 2012, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit.
Abiomed is a provider of medical devices for 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 to maintain their circulation.
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) Abiomed's financial results would be materially impacted if the Company were either forced to stop or discontinued 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 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. 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 purchased Abiomed securities between August 5, 2011 and October 31, 2012, you may move the Court no later than January 15, 2013 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent Class member. To learn more about this action, or if you 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, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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Source:Glancy Binkow & Goldberg LLP