Labaton Sucharow To Lead Abiomed Stock-Drop Class Action

Law360 (June 29, 2020, 7:07 PM EDT) -- A New York federal judge on Monday tapped Labaton Sucharow LLP to lead a proposed class of investors alleging medical device developer Abiomed Inc. misled them about the company's finances, leading to a drop in stock prices.

U.S. District Judge Edgardo Ramos' Monday order also consolidated two proposed class actions investors filed against Abiomed and its executives in August and October 2019, respectively.

The investors allege that Abiomed didn't tell them the company's revenue growth was declining beginning in the third quarter of 2019 and that the company didn't have a plan to stop the decline and would likely be unable to restore...

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