Case Page

 

Case Status:    ONGOING    
On or around 09/19/2017 (Ongoing date of last review)

Filing Date: January 30, 2017

According to the law firm press release, Natus designs, manufactures and markets newborn care and neurology healthcare products and services worldwide.

On October 16, 2015, Natus announced that its Argentinian subsidiary had entered into a three-year supply contract with the Ministry of Health of Venezuela (the "Ministry of Health") pursuant to which the Company would receive $232.5 million, including $69 million in prepayments "expected" during the first quarter of 2016 (the "Supply Contract"). Thereafter, on October 21, 2015, Natus issued a press release in which it increased its revenue and earnings guidance for its fiscal year ending December 31, 2015.

The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding the Company's business and prospects, including, among other things, that: (i) the Venezuelan government had failed to make tens of millions of dollars in prepayments to Natus, which were required to have been paid beginning in October 2015; (ii) Natus had no means to effectively enforce its rights under the Supply Contract, as Venezuela was the exclusive forum for dispute resolution; (iii) Natus's receipt of revenues pursuant to the Supply Contract was contingent on the outcome of Venezuelan elections; and (iv) as a result of the foregoing, Natus was not on track to achieve the increased guidance provided by defendants and such guidance lacked a reasonable basis. As a result of defendants' false and misleading statements, Natus stock traded at artificially inflated prices during the Class Period, reaching prices above $50 per share, and certain of the Company's senior executives were able to cash in $14.5 million worth of their personally held Natus shares at artificially inflated prices.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: BABY
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: N.D. California
DOCKET #: 17-CV-00458
JUDGE: Hon. Jeffrey S. White
DATE FILED: 01/30/2017
CLASS PERIOD START: 10/16/2015
CLASS PERIOD END: 04/03/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Johnson & Weaver, LLP
    110 West “A” Street, Suite 750, Johnson & Weaver, LLP, CA 92101
    619.230.0063 619.230.0063 · contactus@johnsonandweaver.com
  2. Robbins Geller Rudman & Dowd LLP (New SF Office)
    One Montgomery Street, Suite 1800, Robbins Geller Rudman & Dowd LLP (New SF Office), CA 94104
    (415) 288-4545 (415) 288-4534 ·
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 17-CV-00458
JUDGE: Hon. Jeffrey S. White
DATE FILED: 07/14/2017
CLASS PERIOD START: 10/16/2015
CLASS PERIOD END: 04/03/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
    1925 Century Park East, Suite 2100 , Glancy Prongay & Murray LLP, CA 90067
    (310) 201-9150 (310) 432-1495 ·
No Document Title Filing Date