Abiomed, Inc.
| Company Name | Abiomed, Inc. |
| Stock Symbol | ABMD |
| Class Period | January 31, 2019 to July 31, 2019 |
| Lead Plaintiff Motion Deadline | October 07, 2019 |
On August 1, 2019, Abiomed announced its financial results for the first quarter of 2020, reporting its third consecutive quarter of slowing revenue growth. The Company also lowered its full year 2020 revenue guidance to a range of $885 to $925 million, from a range of $900 to $945 million, despite prior assurances that it could “correct the course.”
On this news, Abiomed’s stock price fell $73.69 per share, or over 26%, to close at $204.87 per share on August 1, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Abiomed’s revenue growth was in decline; (2) that the Company did not have a sufficient plan in place to stem its declining revenue growth; (3) that the Company was unlikely to restore its revenue growth over the next several fiscal quarters; (4) that, consequently, Abiomed was reasonably likely to revise its full-year 2020 guidance in a way that would fall short of the Company’s prior projections and market expectations; and (5) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
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