|Company Name||Fluidigm Corporation|
|Class Period||February 07, 2019 to November 05, 2019|
|Lead Plaintiff Motion Deadline||November 20, 2020|
On August 2, 2019, Fluidigm reported second quarter 2019 financial results in a press release. Therein, the Company reported revenue of $28.2 million, which is below analysts’ estimate of $32 million, and a net loss of $13.8 million.
On this news, the Company’s share price fell $4.10, or 34%, to close at $8.05 per share on August 2, 2019, thereby injuring investors.
Then, on November 5, 2019, after the market closed, Fluidigm reported that third quarter 2019 revenue declined 8.5% year-over-year primarily due to mass cytometry instrument sales.
On this news, the Company’s share price fell $2.60, or 51%, to close at $2.51 per share on November 6, 2019, thereby injuring investors further.
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 Fluidigm was experiencing longer sales cycles; (2) that, as a result, Fluidigm’s revenue was reasonably likely to decline; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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