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Fluidigm Corporation

Company NameFluidigm Corporation
Stock SymbolFLDM
Class PeriodFebruary 07, 2019 to November 05, 2019
Lead Plaintiff Motion DeadlineNovember 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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