NEW YORK and SAN DIEGO, Feb. 03, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed on behalf of purchasers of Natus Medical Incorporated ("Natus" or the “Company”) (NASDAQ:BABY) common stock during the period between October 16, 2015 and April 3, 2016 (the "Class Period"). The action was filed in the United States District Court for the Northern District of California.
Investors who have incurred losses in shares of Natus Medical Incorporated are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may also obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased shares of Natus Medical Incorporated within the class period and would like to assist with the litigation process, you may, no later than March 31, 2017, request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint focuses on whether the Company and its executives violated federal securities laws by failing to disclose the risk of unfulfilled payments from its contract with Venezuela’s Ministry of Health leading to a material decline in the Company’s revenues and profitability.
On October 16, 2015, Natus announced that its Argentinian subsidiary had entered into a three-year supply contract with the Ministry of Health of Venezuela pursuant to which the Company would receive $232.5 million, including $69 million in prepayments “expected” during the first quarter of 2016.
Subsequently, on April 4, 2016, Natus issued a press release pre-announcing its preliminary first quarter 2016 results. The release disclosed that revenue would be below the Company's previous guidance and that Natus did not have "any revenue associated with the Venezuela Ministry of Health contract as [it] did not receive any prepayments during the quarter." On this news, the price of Natus stock declined $7.80 per share, or nearly 20%, to close at $31.84 per share on April 4, 2016.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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