Shareholder Alert: Robbins LLP Reminds Investors Merit Medical Systems, Inc. (MMSI) Sued for Misleading Shareholders
April 14 2020 - 6:32PM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Merit Medical Systems, Inc. (NASDAQ: MMSI) filed a
class action complaint for alleged violations of the Securities
Exchange Act of 1934 between February 26, 2019 and October 30,
2019. Merit manufactures and markets disposable medical devices for
interventional, diagnostic, and therapeutics.
If you suffered a loss as a result of Merit's misconduct, click
here.
Merit Medical Systems, Inc. (MMSI) Accused of Misleading
Shareholders
According to the complaint, in 2018, Merit acquired Becton,
Dickinson and Company, Cianna Medical, Inc., and Vascular Insights,
LLC for a total of $360 million. In February 2019, Merit touted
fourth quarter 2018 and fiscal year 2018 results with revenue
growth of 8-10% and forecasted net sales of $1.011 billion to
$1.030 billion for fiscal year 2019 ("FY19"). Merit also assured it
was successfully integrating its acquired companies, its product
pipeline was full, and expenses were being kept under tight
control. In April 2019, Merit reported first quarter 2019 results
that had "met and exceeded [its] expectations" and reaffirmed its
FY19 guidance. However, in July 2019, Merit's second quarter 2019
financial results fell short of analyst expectations and the
Company cut its FY19 sales outlook to $1.007-1.029 billion, citing
"slower than expected uptake of acquired products" that were "short
term" issues. Then, on October 30, 2019, Merit reported third
quarter 2019 results, slashing its FY19 revenue guidance by 20% and
reporting significant operational issues in all aspects of its
business, many of which were due to defendants' "own overestimation
and forecasting." Following these disclosures, Merit's stock
declined a staggering 62% to close at $20.66 per share.
Merit Medical Systems, Inc. (MMSI) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200414006055/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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