On or around 09/21/2018 (Other)
Filing Date: July 28, 2017
According to the law firm press release, Foundation develops, manufactures and sells genomic analysis diagnostic tests for solid and circulating cancers that are based on next-generation sequencing technology. The Company’s flagship products are the FoundationOne tumor profiling test and the FoundationOne Heme diagnostic test for blood cancers. The price for the tests can run upwards of $7,200 per test.
The complaint alleges that, during the Class Period, the Company made false and misleading statements and/or failed to disclose adverse information regarding the Company’s business and prospects. Specifically, the complaint alleges that defendants made false and/or misleading statements regarding: (i) the reimbursement process and likelihood of coverage for Foundation’s tumor tests by Medicare; and (ii) the Company’s financial guidance. As a result of these false statements, Foundation common stock traded at artificially inflated prices during the Class Period.
On October 20, 2017, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on December 22. Defendants filed a Motion to Dismiss the amended Complaint on February 20, 2018. On September 20, the Court issued an Order granting Defendants' Motion to Dismiss the case.
Company & Securities Information
Defendant: Foundation Medicine, Inc.
Industry: Healthcare Facilities
Headquarters: United States
Ticker Symbol: FMI
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.
First Identified Complaint
Marc F. Mahoney, et al. v. Foundation Medicine, Inc., et al.