BIRMINGHAM, Ala., Dec. 14, 2012 (GLOBE NEWSWIRE) -- The law firm of Donaldson & Guin, LLC is investigating Abiomed, Inc. for potential securities law violations following its disclosure of a Department of Justice investigation into Abiomed's marketing of its Impella 2.5 system. Abiomed's Impella 2.5 system is used to improve blood flow in heart surgery patients. Immediately after disclosing the DOJ investigation, Abiomed's stock price fell by over 30%.
According to Donaldson & Guin, LLC law partner, Tammy Stokes, "We believe that the Impella system made up a material portion of Abiomed's business and that the DOJ appears to be targeting Abiomed's marketing of Impella for uses that had not been cleared with the FDA. If the company marketed its product in violation of FDA requirements and failed to disclose this to its investors, those investors may have valuable claims against the company or certain of its officers and directors for violating federal securities laws."
A class action has been filed in federal court in Massachusetts on behalf of anyone who bought Abiomed securities between August 5, 2011 and October 31, 2012, inclusive (the "Class Period"). By law, anyone who bought Abiomed securities during the Class Period has until January 15, 2013 to ask the court to name them the lead plaintiff for the lawsuit. Although an investor does not have to be named a lead plaintiff to participate in a securities class action, the lead plaintiff has more power to control the litigation and the lawyers representing the investors.
Abiomed investors with large losses and who are interested in serving as lead plaintiffs for this class action lawsuit are encouraged to contact Tammy Stokes of Donaldson & Guin, LLC by email at tstokes@dglawfirm.com or telephone at 205-503-4512 to discuss their legal rights and options.
The law firm of Donaldson & Guin, LLC, with offices in Chicago and Birmingham, represents individuals, businesses and institutional investors in complex financial litigation, including securities, antitrust and similar litigation. For more information about the firm, please visit http://www.donaldsonguin.com. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other attorneys.