Case Page

 

Case Status:    DISMISSED    
On or around 02/06/2015 (Court's order of dismissal)

Filing Date: November 16, 2012

According to the law firm press release, the Complaint alleges that throughout the Class Period, Defendants touted the Company's financial strength and future prospects. These statements, however, were materially false and misleading when made because the United States Food and Drug Administration ("FDA") repeatedly warned the Company that its promotional materials contained inappropriate claims regarding the Impella 2.5 catheter and suggested improper off-label uses. Defendants repeatedly assured investors that they had addressed the FDA's concerns and that the matter was resolved.

On November 1, 2012, Abiomed disclosed that the Department of Justice had initiated an investigation "focused on the Company's marketing and labeling of the Impella 2.5." On this news, shares of Abiomed's stock fell from $19.82 per share on October 31, 2012 to close at $13.61 on November 1, 2012.

On February 14, 2013, the Court made a ruling from the bench designating Fire and Police Pension Association of Colorado and the City of Austin Police Retirement System as Lead Plaintiff and Berman DeValerio to serve as lead counsel.

On May 20, 2013, an Amended Complaint was filed against the defendants by the lead plaintiffs.

On April 10, 2014, the Court granted an Order on Defendants’ Motion to Dismiss and submitted an accompanying Memorandum.

On May 9, 2014, the Plaintiffs in the case filed a Notice of Appeal with the United States Court of Appeals for the First Circuit.

On February 6, 2015, the United States Court of Appeals for the First Circuit affirmed the judgment of the district court and costs were awarded to Abiomed.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ABMD
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 12-CV-12137
JUDGE: Hon. F. Dennis Saylor, IV
DATE FILED: 11/16/2012
CLASS PERIOD START: 08/05/2011
CLASS PERIOD END: 10/31/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 12-CV-12137
JUDGE: Hon. F. Dennis Saylor, IV
DATE FILED: 05/20/2013
CLASS PERIOD START: 08/04/2011
CLASS PERIOD END: 10/31/2012
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman, DeValerio & Pease LLP
    One Liberty Square, Berman, DeValerio & Pease LLP, MA 02109
    617.542.8300 ·
No Document Title Filing Date
No Document Title Filing Date