Shareholder Alert: Robbins LLP Announces It Is Investigating Merit Medical Systems, Inc. (MMSI) for Misleading Shareholders
May 07 2020 - 6:13PM
Business Wire
Shareholder rights law firm Robbins LLP announces that it is
investigating Merit Medical Systems, Inc. (NASDAQ: MMSI) for
alleged violations of the Securities Exchange Act of 1934 and
whether the Company's officers and directors breached their
fiduciary duties to shareholders. Merit manufactures and markets
disposable medical devices for interventional, diagnostic, and
therapeutics.
If you suffered a loss as a result of Merit's misconduct, click
here.
Merit Medical Systems, Inc. (MMSI) Slashes FY19 Revenue
Guidance
In February 2019, Merit announced in its fourth quarter 2018 and
fiscal year 2018 results that the Company forecasted net sales of
$1.011 billion to $1.030 billion for fiscal year 2019 ("FY19").
However, in July 2019, Merit's second quarter 2019 financial
results fell short of analyst expectations and the Company cut its
FY19 sales outlook to $1.007-1.029 billion, citing "slower than
expected uptake of acquired products" that were "short term"
issues. Then, on October 30, 2019, Merit reported its third quarter
2019 results, slashing its FY19 revenue guidance by 20% and
reporting significant operational issues in all aspects of its
business, many of which were due to its "own overestimation and
forecasting." Following these disclosures, Merit's stock declined a
staggering 62% from its closing price of $54.84 per share on July
25, 2019 to close at $20.66 per share on October 31, 2019.
Merit Medical Systems, Inc. (MMSI) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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