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SAN FRANCISCO, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Merit Medical Systems, Inc. (NASDAQ: MMSI) investors who have suffered losses in excess of $50,000 to submit their losses now or contact the firm immediately to learn if they qualify to recover compensable damages. The firm has opened an investigation into Merit and investors may have valuable claims against the Company and its senior management for violations of federal securities laws.
Merit Medical Systems (MMSI) Investigation:
The investigation centers on whether Merit misled investors about its business and prospects.
On July 25, 2019, the Company announced disappointing Q2 2019 financial results and reduced FY 2019 revenue and earnings guidance.
In response, the price of Merit shares plummeted $13.84, down 25% and wiping out over $750 million of the Company’s market capitalization.
Then, about 3 months later, on October 30, 2019, Merit announced disappointing Q3 2019 financial results, reduced FY 2019 guidance for the second time in 3 months, and withdrew 2020 guidance in its entirety. Management blamed the results in part on the summer quarter generally being the slowest quarter of the year.
In response, the price of Merit shares plummeted as much as $9.61, down 33% and wiping out over $530 million of the Company’s market capitalization during intraday trading on October 31, 2019.
“We’re focused on investors’ losses and the extent to which the Company’s and senior management’s statements may have been misleading,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Whistleblowers: Persons with non-public information regarding Merit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email MMSI@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000