Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Merit Medical Systems, Inc. who purchased shares between February 26, 2019 and October 30, 2019.
Merit Medical and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 30, 2019, post market close, the Company announced its 3Q2019 financial results, including non-GAAP EPS of $0.28, well below consensus estimates of $0.45; deep cuts to FY2019 guidance; that it was “pulling 2020 guidance off the table” and other significant operational problems, many of which were due to the Company’s “own overestimation and forecasting.”
On this news, the price of Merit Medical’s shares plummeted more than 29%, from a close of $29.11 per share on October 30, 2019, to a close of $20.66 per share on October 31, 2019.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 3, 2020 to request that the court appoint them lead plaintiff.