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LOS ANGELES, Aug. 18, 2017 (GLOBE NEWSWIRE) -- Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Foundation Medicine, Inc. ("Foundation" or the "Company") (NASDAQ:FMI) for possible violations of federal securities laws between February 26, 2014 and November 3, 2015, inclusive (the "Class Period"). Investors who purchased or otherwise acquired Foundation shares during the Class Period should contact the firm prior to the September 26, 2017 lead plaintiff motion deadline.
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To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at brian@lundinlawpc.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered to be represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Foundation made false and misleading statements, and/or failed to disclose, material information to investors. On July 29, 2015, the Company disclosed that it was not making the strides obtaining coverage it claimed to have been making during the Class Period, and that Foundation would receive no Medicare payments in 2015 for its tumor profiling tests due to a delay in receiving a local coverage determination from its regional Medicare Administrative Contractor. As a result of the delay, the Company cut its 2015 financial guidance, which was based on an assumption that Medicare approval was going to be obtained in 2015. Following this news, Foundation's stock price dropped significantly. On November 3, 2015, the Company revealed a further revision to the already reduced number of clinical tests it expected to report for 2015. When this news was announced, shares of Foundation fell in value materially, causing investors harm according to the Complaint.
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Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
This press release may be considered Attorney Advertising in certain jurisdictions under the applicable law and rules of ethics.
Contact:Lundin Law PCBrian Lundin, Esq.Telephone: 888-713-1033Facsimile: 888-713-1125brian@lundinlawpc.comhttp://lundinlawpc.com/
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.