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LOS ANGELES, Sept. 19, 2017 -- Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Foundation Medicine, Inc. (“Foundation” or the “Company”) (Nasdaq:FMI) for possible violations of federal securities laws from February 26, 2014 through November 3, 2015, inclusive (the “Class Period”). Investors who purchased or otherwise acquired Foundation shares during the Class Period should contact the firm by September 26, 2017, the lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at [email protected].
No class has been certified in the above action yet, and until a class is certified, you are not considered to be represented by an attorney. You may also choose to do nothing and be an absent class member.
The Complaint alleges that during 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 disclosed that it was not making the strides obtaining coverage it claimed to have been making 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 would be obtained in 2015. Upon this news, Foundation’s stock price dropped 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 was announced, shares of Foundation fell in value materially, which caused investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in certain jurisdictions under the applicable law and rules of ethics.
Contact:
Lundin Law PC
Brian Lundin, Esq.
Telephone: 888-713-1033
Facsimile: 888-713-1125
[email protected]
http://lundinlawpc.com/
