IMPORTANT INVESTOR ALERT: Khang & Khang LLP Announces Securities Class Action Lawsuit Against Zimmer Biomet Holdings, Inc. & ...
December 03 2016 - 11:47AM
Business Wire
Khang & Khang LLP (the “Firm”) announces a class action
lawsuit against Zimmer Biomet Holdings, Inc. (“Zimmer” or the
“Company”) (NYSE: ZBH). Investors, who purchased or otherwise
acquired shares between September 7, 2016 and October 31, 2016
inclusive (the “Class Period”), are encouraged to contact the Firm
in advance of the January 31, 2017 lead plaintiff motion
deadline.
If you purchased shares of Zimmer during the Class Period,
please contact Joon M. Khang, Esquire, of Khang & Khang, 18101
Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949)
419-3834, or by e-mail at joon@khanglaw.com.
There has been no class certification in this case yet. Until
certification occurs, you are not represented by an attorney. You
may choose to take no action and remain a passive class member.
The complaint states that during the Class Period, Zimmer made
materially false and/or misleading statements, as well as failed to
disclose material adverse facts about its business, operations, and
prospects. The complaint alleges the following: that issues within
the supply chain caused a decline in order fulfillment,
particularly within the knee and hip portfolios; that, because of
this, Zimmer would not realize its revenues and profit as expected
and; that as a result of the above, the Company’s statements
regarding its business, operations and prospects, were false and
misleading and/or lacked a reasonable basis.
On October 31, 2016, the Company sent a press release reporting
third quarter 2016 financial results. Zimmer reported net sales of
$1.83 billion, and lowered guidance for the full year 2016 at
$7.630 billion to $7.650 billion, a decline from the $7.68 billion
to $7.715 billion estimated in July. Zimmer claims weak sales are
due to a change in the supply chain, leading to a lack of available
implants and instrument sets during the quarter.
In a phone meeting with investors after the above release, the
Company stated: “Third quarter revenue was below our expectations,
primarily due to execution issues within our large joint supply
chain, which led to a degradation in order fulfillment rates late
in the quarter as well as our performance in dental… As a
consequence, we underestimated demand for certain key cross-sell
brands within our existing customer base, leading to a depletion of
our safety stocks and also affecting our ability to capitalize on
new customer opportunities.”
Shares of Zimmer fell $17.15 per share, or nearly 14%, to close
on October 31, 2016 at $105.40 per share, causing investors serious
harm.
If you wish to learn more about this lawsuit at no
charge to you, or if you have questions concerning this notice or
your rights, please contact Joon M. Khang, a prominent litigator
for almost two decades, by telephone: (949) 419-3834, or by e-mail
at joon@khanglaw.com.
This press release may constitute Attorney Advertising in
certain jurisdictions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161203005048/en/
Khang & Khang LLPJoon M. Khang, Esq.,
949-419-3834joon@khanglaw.comFacsimile: 949-225-4474
Zimmer Biomet (NYSE:ZBH)
Historical Stock Chart
From Mar 2024 to Apr 2024
Zimmer Biomet (NYSE:ZBH)
Historical Stock Chart
From Apr 2023 to Apr 2024