Abiomed Says Class Action Lawsuit Without Merit; Intends to Defend Vigorously
Abiomed (NASDAQ: ABMD) today announced that a purported class action complaint was filed on November 16, 2012 in the United States District Court for the District of Massachusetts by Karse Simon and Arlene Simon, on behalf of themselves and persons or entities that purchased or acquired Abiomed's securities between August 5, 2011 and October 31, 2012, against Abiomed, Michael R. Minogue, Abiomed's Chairman, President and Chief Executive Officer and Robert L. Bowen, Abiomed's Chief Financial Officer.
The complaint claims that Abiomed and Messrs. Minogue and Bowen violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder in connection with alleged disclosures related to the Food and Drug Administration and the marketing and labeling of Abiomed's Impella 2.5 product. The plaintiffs seek a jury trial.
Abiomed has reviewed the complaint and believes that the allegations are without merit. Abiomed plans to vigorously defend itself against the allegations. Abiomed's policy is not to discuss pending litigation.
Based in Danvers, Massachusetts, Abiomed, Inc., is a leading provider of medical devices that provide circulatory support. Our products are designed to enable the