INVESTOR ALERT: Kirby McInerney LLP Announces That a Class Action Lawsuit Has Been Filed Against Merit Medical Systems, Inc.
December 04 2019 - 8:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Central District of California on behalf of those who acquired
Merit Medical Systems, Inc. (“Merit” or the “Company”)
(NASDAQ:MMSI) during the period from February 26, 2019 through
October 30, 2019. Investors have until February 3, 2020 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Merit failed to disclose that: (i) the
integrations of Cianna and Vascular Insights, including their
products, sales people, and R&D facilities, had caused
operational disruptions and reduced sales and were months behind
schedule; and (ii) sales of acquired company products had slowed
substantially due to pre-acquisition pipeline fill, in particular
for Vascular Insights products which, as late as July 2019, had
zero orders during fiscal 2019.
On July 25, 2019, Merit announced disappointing second quarter
2019 financial results and cut its fiscal 2019 sales and earnings
per share outlook due in part to “slower than anticipated
conversion and uptake of acquired products.” On this news, Merit’s
stock price fell $13.84 per share, or 25.2%, to close at $41.00 on
July 26, 2019.
Then, on October 30, 2019, the Company disappointing third
quarter 2019 financial results, reduced fiscal 2019 guidance again,
and entirely withdrew fiscal 2020 guidance. Merit attributed the
results in part to their “own overestimation and forecasting.” On
this news, Merit’s stock price fell $8.45 per share, or 29.0%, to
close at $20.66 on October 31, 2019.
If you are a shareholder of Merit, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191204005953/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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