From the Wires
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses Investing In ABIOMED, Inc. To Contact the Firm
By: PR Newswire
Nov. 9, 2012 10:09 PM
NEW YORK, Nov. 9, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at ABIOMED, Inc. ("Abiomed" or the "Company") (NasdaqGS: ABMD).
The investigation focuses on whether the Company and its executives violated federal securities laws by misrepresenting and mislabeling Abiomed's Impella 2.5 heart pump.
Abiomed announced on November 1, 2012 that the Washington, D.C. Attorney's Office was conducting an investigation focusing on the marketing and labeling of the Company's Impella 2.5 product. On October 31, 2012, Abiomed accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation. The subpoena seeks documents related to the Impella 2.5 and focuses primarily on marketing and labeling issues.
Abiomed's announcement follows a June 2011 warning letter from the United States Food and Drug Administration accusing the Company of making unsubstantiated and unauthorized efficacy claims about the Impella 2.5 system in its marketing materials.
After the Company's announcement on November 1, 2012, Abiomed stock plunged from a $19.82 closing price on October 31, 2012 to close at $13.61 on November 1, 2012 – losing almost a third of its value.
Request more information now by clicking here: www.faruqilaw.com/ABMD. There is no cost or obligation to you.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
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