On or around 07/28/2017 (Ongoing date of last review)
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.
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
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First Identified Complaint
Marc F. Mahoney, et al. v. Foundation Medicine, Inc., et al.