NEW YORK, Nov. 2, 2012 /PRNewswire/ -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Abiomed Inc. ("Abiomed" or the "Company") (NasdaqGS: ABMD -News), concerning potential violations of federal securities laws.
On November 1, 2102, shares of Abiomed plummeted 31% or $6.21 per share to close at $13.61 after the company disclosed it has been subpoenaed by the U.S. Attorney's Office for the District of Columbia related to an investigation into the labeling and marketing of its Impella 2.5 heart pump. The company said in a press release:
On October 26, 2012, we were informed that the United States Attorney's Office for the District of Columbia is conducting an investigation that is focused on the Company's marketing and labeling of the Impella 2.5. On October, 31, 2012, we accepted service of a Health Insurance Portability and Accountability Act administrative subpoena related to this investigation. The subpoena seeks documents related to the Impella 2.5 and we understand the investigation focuses primarily on marketing and labeling issues.
The investigation focuses on whether the Company and its executive's violated federal securities laws. Already back in June 2011, Abiomed received a letter from the FDA about improper marketing of Impella for unapproved indications according to some media reports.If you are aware of any facts relating to this investigation, or purchased shares of Abiomed, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration.