Cases
Foundation Medicine, Inc. (NASDAQ: FMI)
Securities Class Action
Overview
Overview
- Date:
- 8/8/2017
- Company Name:
- Foundation Medicine, Inc.
- Stock Symbol:
- FMI
- Class Period:
- FROM 2/26/2014 TO 11/3/2015
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Massachusetts
NEW YORK, August 8, 2017 – Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired Foundation Medicine, Inc. (NASDAQ: FMI) securities between February 26, 2014 and November 3, 2015 (the “Class Period”). Investors have until September 26, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 29, 2015, the Company disclosed that it was not making the strides obtaining coverage it had claimed to have been making previously, and that in reality, Foundation would receive no Medicare payments in 2015 for its tumor profiling tests due to a delay in receiving a local coverage determination from its regional Medicare Administrative Contractor. As a result of the delay, the Company slashed its 2015 financial guidance, which, unbeknownst to investors, was based on an assumption that Medicare approval was going to be obtained in 2015. Then, on November 3, 2015, the Company disclosed a further revision to the already reduced number of clinical tests it expected to report for 2015. Following this disclosure, the price of Foundation common stock fell again, closing down $6.62 per share to close at $17.31 per share on November 4, 2015.
If you purchased or otherwise acquired Foundation Medicine securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On July 29, 2015, the Company disclosed that it was not making the strides obtaining coverage it had claimed to have been making previously, and that in reality, Foundation would receive no Medicare payments in 2015 for its tumor profiling tests due to a delay in receiving a local coverage determination from its regional Medicare Administrative Contractor. As a result of the delay, the Company slashed its 2015 financial guidance, which, unbeknownst to investors, was based on an assumption that Medicare approval was going to be obtained in 2015. Then, on November 3, 2015, the Company disclosed a further revision to the already reduced number of clinical tests it expected to report for 2015. Following this disclosure, the price of Foundation common stock fell again, closing down $6.62 per share to close at $17.31 per share on November 4, 2015.
If you purchased or otherwise acquired Foundation Medicine securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.