The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Law Offices of Todd M. Garber Announces Investigation of Abiomed, Inc.

Wednesday, December 19, 2012

Law Offices of Todd M. Garber Announces Investigation of Abiomed, Inc.16:15 EST Wednesday, December 19, 2012 LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber announces that it is investigating potential claims against Abiomed, Inc. (“Abiomed” or the “Company”) (NASDAQ:ABMD) concerning possible violations of federal securities laws. The investigation is related to allegations that certain statements issued by Abiomed between August 5, 2011 and October 31, 2012 were false and misleading concerning the Company's business, operations and financial prospects. Abiomed is a provider of medical devices for circulatory support and offers a continuum of care in heart recovery for acute heart failure patients. The Company's Impella 2.5 catheter is a percutaneous micro heart pump with an integrated motor and sensors, designed primarily for use by interventional cardiologists to support patients in the cardiac catheterization lab who may require assistance to maintain their circulation. The investigation is related to allegations that the Company misrepresented and/or failed to disclose that: (1) Abiomed was improperly marketing and/or labeling its Impella 2.5 system; (2) Abiomed's financial results would be materially impacted if the Company were either forced to stop or discontinued its improper conduct; (3) the Company lacked adequate internal and financial controls; and (4) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times. On November 1, 2012 Abiomed disclosed that the United States Attorney's Office for the District of Columbia was conducting an investigation into Abiomed's marketing and labeling of its Impella 2.5 system. As a result of this news, shares of Abiomed declined $6.31 per share, or 31.33%, to close on November 1, 2012 at $13.61, on heavy trading volume. If you purchased Abiomed securities between August 5, 2011 and October 31, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to info@toddgarberlaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Law Offices of Todd M. GarberTodd M. Garber, Attorney at LawLos Angeles, California213-700-7262info@toddgarberlaw.com