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IRVINE, Calif., Sept. 25, 2017 -- Khang & Khang LLP (the “Firm”) announces a securities class action lawsuit against Foundation Medicine, Inc. (“Foundation” or the “Company”) (Nasdaq:FMI). Investors who purchased or otherwise acquired Foundation shares from February 26, 2014 through November 3, 2015, inclusive (the “Class Period”), are encouraged to contact the Firm by September 26, 2017, the lead plaintiff motion deadline.
If you purchased Foundation shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 4000 Barranca Parkway, Suite 250, Irvine, CA 92604, by telephone at (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet, and until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member as well.
The Complaint alleges that throughout the Class Period, Foundation made false and/or misleading statements, and/or failed to disclose, material information to investors. On July 29, 2015, the Company announced that it was not as successful in obtaining coverage as it claimed to have been during the Class Period, and that Foundation would receive no Medicare payments in 2015 for its tumor profiling tests due to a delay in receiving a local coverage determination from its regional Medicare Administrative Contractor. As a result of the delay, the Company cut its 2015 financial guidance, which was based on an assumption that Medicare approval was going to be obtained in 2015. Following this news, Foundation’s stock price fell significantly. On November 3, 2015, the Company revealed another revision to the already reduced number of clinical tests it expected to report for 2015. When this news became public, shares of Foundation declined in value materially, which harmed investors according to the lawsuit.
If you wish to learn more about this lawsuit, or if you have questions about this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for nearly two decades, by telephone at (949) 419-3834, or by e-mail at [email protected].
This press release may be considered Attorney Advertising in some jurisdictions.
Contact
Joon M. Khang, Esq.
Telephone: 949-419-3834
Facsimile: 949-225-4474
[email protected]
