NEW YORK, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased or otherwise acquired DexCom, Inc. (“DexCom” or the “Company”) (NASDAQ: DXCM) securities between January 8, 2024 and July 25, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that DexCom’s optimistic reports of growth, earnings potential, and anticipated margins fell far short of reality as DexCom relied far too heavily on its ability to attract new customers while keeping existing distribution channels afloat.
The Complaint also alleges that on July 25, 2024, DexCom announced its financial results for the second quarter of fiscal year 2024 and reduced its revenue guidance for the full fiscal year 2024, attributing its results and lowered guidance on their execution of “several key strategic initiatives” which “did not meet [their] high standards.” On this news, the price of DexCom stock fell nearly 41%.
Investors who purchased or otherwise acquired shares of DexCom should contact the Firm prior to the October 21, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
