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TheStreet Open House

Hagens Berman Reminds Abiomed Investors Only Six Days Remain Before Jan. 15, 2013, Lead Plaintiff Deadline In Class-action Lawsuit

Hagens Berman Sobol Shapiro LLP, a securities law firm, today reminded investors that only six days remain before the Jan. 15, 2013, deadline to seek the position of lead plaintiff in a lawsuit filed on their behalf against Abiomed, Inc. (NASDAQ:ABMD) (“Abiomed”).

Investors with losses greater than $100,000 who purchased or otherwise acquired Abiomed stock between Aug. 5, 2011, and Oct. 31, 2012 (the “class period”), may contact Hagens Berman to discuss moving for lead plaintiff in the pending class-action lawsuit. 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.

Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Class members need not seek to become a lead plaintiff in order to share in any possible recovery.

The lawsuit alleges that Abiomed misled investors regarding off-label marketing of its flagship Impella system. Hagens Berman’s investigation indicates that, contrary to FDA objections, Abiomed continued to promote off-label use of the Impella until at least August 2012.

On Nov. 1, 2012, Abiomed disclosed that it was being investigated by the U.S. Department of Justice regarding the marketing of Impella and had received a HIPAA subpoena. Following the disclosure, Abiomed stock fell more than 30 percent.

Then on Dec. 6, 2012, the Food and Drug Administration’s 515 Program Initiative Circulatory System Devices Panel met to discuss the issues surrounding Abiomed and Impella. At the conclusion of the meeting the Advisory voted to keep the Class III categorization of the Impella device. Accordingly, Abiomed will be required to conduct PMA type trials.

More information about this investigation is available at http://hb-securities.com/investigations/Abiomed.

About Hagens Berman

Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in 10 cities. The firm represents whistleblowers, workers and consumers in complex litigation. More about the law firm and its successes can be found at www.hbsslaw.com. The firm’s securities law blog is at www.meaningfuldisclosure.com.



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