Hagens Berman, an investor-rights law firm, is continuing to investigate Abiomed Inc. (NASDAQ:ABMD) regarding possible securities law violations following the company’s disclosure of a Department of Justice (DOJ) probe into the marketing and labeling of its flagship product, the Impella 2.5 system.
Hagens Berman is investigating potential claims under the securities laws that could affect investors who purchased Abiomed common stock after November 3, 2011, and before the company disclosed the probe on November 1, 2012.
Investors who purchased or otherwise acquired Abiomed stock prior to the company’s disclosure are encouraged to contact Hagens Berman to discuss legal representation. Investors can contact Hagens Berman Partner Reed R. Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000 or by emailing ABMD@Hbsslaw.com.
Following the disclosure of the DOJ probe, Abiomed stock fell more than 30 percent on Nov. 1, 2012. The stock continues to trade more than 25 percent below its Oct. 31, 2012 high of nearly $20.00.The firm’s investigation of Abiomed centers around the company’s Impella 2.5 system, which is used to improve blood flow in heart surgery patients. The company has disclosed a DOJ investigation into marketing of the product. The Food and Drug Administration sent a letter to Abiomed in June 2011, accusing the company of making “objectionable” claims about an Impella system and requesting that the company immediately stop marketing for uses not approved by the FDA. In November 2011, the company told analysts that the issues in the warning letter were resolved. “We agree with analysts that the DOJ’s probe had a serious adverse impact on Abiomed’s stock price,” said Mr. Kathrein. “We are trying to determine if the company is marketing its Impella system outside the bounds of the officially-sanctioned uses authorized by the Food and Drug Administration, and therefore, if investors may have a legal claim against the company.”