Ryan & Maniskas, LLP (
) announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of persons who purchased Abiomed, Inc. (NASDAQ: ABMD) ("Abiomed" or the "Company") stock between August 5, 2011 and October 31, 2012 (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
Abiomed manufactures, markets, and sells various types of medical devices designed for circulatory support and continuum of care in heart recovery to acute heart failure patients. Throughout the Class Period, the Company's principle product was the Impella 2.5 Cardiac Support System ("Impella 2.5"). The complaint alleges that, throughout the Class Period, Abiomed issued a series of materially false and misleading statements to investors about the Company's financial strength and prospects. Specifically, the complaint alleges that positive statements regarding the Company were materially false and misleading because the FDA repeatedly warned Abiomed that the Company's marketing and promotional materials regarding the Impella 2.5 contained inappropriate claims and suggested improper off-label uses. Abiomed repeatedly assured investors that the FDA's concerns had been addressed and that the matter was resolved.
Then, on November 1, 2012, Abiomed announced that the United States Department of Justice was investigating "the Company's marketing and labeling of the Impella 2.5." On this news, Abiomed's share price fell 32%, from $19.82 per share on October 31, 2012 to close at $13.61 on November 1, 2012.
If you are a member of the class, you may, no later than January 15, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.