Merit Medical Systems, Inc.
|Company Name||Merit Medical Systems, Inc.|
On July 25, 2019, post-market, Merit Medical revealed that ClariVein, which the Company had recently acquired, “hasn’t had an order all year.” The Company also disclosed that there had been “attrition” among Cianna’s sales representatives and that, as a result, post-integration sales were below expectations. On this news, the Company’s stock price fell $13.84, or over 25%, to close at $41.00 on July 26, 2019, thereby injuring investors.
On October 30, 2019, sales continued to lag behind expectations, and Merit Medical slashed its year-end revenue guidance by $27 million and withdrew its fiscal 2020 guidance. On this news, the Company’s stock price fell $8.45, or over 29%, to close at $20.66 per share on October 31, 2019, thereby injuring investors further.
On March 29, 2021, Judge David O. Carter of the United States District Court for the Central District of California denied the defendants' motion to dismiss and held that plaintiffs in the securities class action had adequately alleged violations of the Securities Exchange Act of 1934 for statements issued between February 26, 2019 and October 30, 2019, regarding the integration of acquired companies, its product pipeline, and its prospects and financial guidance.
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