Pomerantz Law Firm Investigates Claims on Behalf of Investors of Abiomed
NEW YORK, Nov. 2, 2012 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Abiomed Inc. ("Abiomed" or the "Company") who purchased Abiomed common stock between June 2, 2011 and October 31, 2012 (the "Class Period"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Abiomed and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On November 1, 2012, the Company announced that, on October 26, 2012, it 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 systems. This investigation follows reports that, in June 2011, Abiomed received a warning letter from the U.S. Food and Drug Administration about improper marketing of the Impella 2.5 system for unapproved uses. Additionally, the Company also disclosed that it had recently accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to the investigation. The subpoena seeks documents related to the Impella 2.5 heart pump marketing and labeling issues.
On this news, Abiomed stock price fell by more than 32% dropping from $19.82 per share on October 31, 2012 to close at $13.61 per share on November 1, 2012.
The Pomerantz Firm, with offices in New York, Chicago, and San Diego, 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.