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Case Status:    DISMISSED    
On or around 08/03/2016 (Court's order of dismissal)

Filing Date: September 03, 2015

According to the law firm press release, ConforMIS, Inc., a medical technology company, develops, manufactures, and sells customized joint replacement implants. The company offers customized knee replacement products, including iTotal CR, a cruciate-retaining product; iTotal PS, a posterior cruciate ligament substituting product; iUni G2, a unicompartmental product for treatment of the medial or lateral compartment of the knee; and iDuo G2, a bicompartmental partial implant for patients with osteoarthritis of the patellofemoral compartment of the knee and either the medial or lateral compartment of the knee, as well as provides iJigs, customized single-use patient-specific instruments. It is also developing iTotal Hip, a customized total hip replacement implant. The company markets and sells its products through direct sales force, independent sales representatives, and distributors in the United States, Austria, Germany, Ireland, the United Kingdom, Switzerland, Hong Kong, and Singapore. ConforMIS, Inc was founded in 2004 and is headquartered in Bedford, Massachusetts.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies both in connection with its IPO and in subsequent filings with the SEC. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's manufacturing processes were flawed; (ii) that as a result of the flaws in the Company's manufacturing process, a number of the Company's knee replacement product systems were defective; and (iii) as a result of the foregoing, ConforMIS's public statements were materially false and misleading at all relevant times.

On August 31, 2015, pre-market, the Company announced that it had initiated a voluntary recall of specific serial numbers of patient-specific instrumentation for certain of its knee replacement product systems, in response to recent complaints of moisture on the patient-specific instrumentation. A total of approximately 950 patient-specific instrumentation sets were affected by ConforMIS's recall. On this news, the Company's stock dropped $3.78, or 19.11%, to close at $16.00 on August 31, 2015. At the close of trading on September 2, 2015, the Company's share price closed at $14.18 per share.

On November 10, 2015, the Court issued an Order appointing lead plaintiffs and approving lead counsel. Lead Plaintiffs filed an amended complaint on January 11, 2016.

On August 3, 2016, the Court issued an Order granting Defendants' Motion to Dismiss and closing this case.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CFMS
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 #: 15-CV-13295
JUDGE: Hon. George A. OToole, Jr
DATE FILED: 09/03/2015
CLASS PERIOD START: 07/01/2015
CLASS PERIOD END: 08/28/2015
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 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 15-CV-13295
JUDGE: Hon. George A. OToole, Jr
DATE FILED: 01/11/2016
CLASS PERIOD START: 07/01/2015
CLASS PERIOD END: 08/28/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date