LOS ANGELES–(BUSINESS WIRE)–$MMSI #CLASSACTION—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announces that it has commenced an investigation of potential claims against the board of directors of Merit Medical Systems, Inc. (“Merit Medical” or the “Company) (NASDAQ: MMSI) concerning whether the board of directors breached its fiduciary duties to Merit Medical shareholders.
If you still hold Merit Medical shares purchased before February 2019 and wish to discuss this matter with us, or have any questions concerning your rights and interests, you can submit your contact information at https://www.glancylaw.com/cases/merit-medical-systems-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On July 25, 2019, post-market, Merit Medical revealed that ClariVein, which the Company had recently acquired, “hasn’t had an order all year.” The Company also disclosed that there had been “attrition” among Cianna’s sales representatives and that, as a result, post-integration sales were below expectations. On this news, the Company’s stock price fell $13.84, or over 25%, to close at $41.00 on July 26, 2019, thereby injuring investors.
On October 30, 2019, sales continued to lag behind expectations, and Merit Medical slashed its year-end revenue guidance by $27 million and withdrew its fiscal 2020 guidance. On this news, the Company’s stock price fell $8.45, or over 29%, to close at $20.66 per share on October 31, 2019, thereby injuring investors further.
On March 29, 2021, Judge David O. Carter of the United States District Court for the Central District of California denied the defendants’ motion to dismiss and held that plaintiffs in the securities class action had adequately alleged violations of the Securities Exchange Act of 1934 for statements issued between February 26, 2019 and October 30, 2019, regarding the integration of acquired companies, its product pipeline, and its prospects and financial guidance.
Our investigation concerns whether the Company’s board of directors breached its fiduciary duties to shareholders and/or grossly mismanaged the Company in connection with the above alleged misconduct.
Whistleblower Notice: Persons with non-public information regarding Merit Medical should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the 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 Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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