Meridian Bioscience, Inc. (Nasdaq: VIVO)
A class action has been commenced on behalf of purchasers of Meridian Bioscience, Inc. (Nasdaq: VIVO) common stock between March 25, 2016 to July 13, 2017 (the “Class Period”).
The complaint charges Meridian and certain of its officers with violations of the Securities Exchange Act of 1934. Meridian is a life science company that develops, manufactures, sells and distributes diagnostic test kits for certain gastrointestinal, viral, respiratory and parasitic infectious diseases and elevated lead levels. The Company also manufactures and distributes bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, competent cells and bioresearch reagents used by researchers and other diagnostics manufacturers.
On March 24, 2016, Meridian announced the acquisition of Magellan Biosciences, Inc. and its wholly owned subsidiary Magellan Diagnostics, Inc. (together “Magellan”). Magellan provides point-of-care lead testing systems for the testing of blood to diagnose lead poisoning in children and adults.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements and/or failed to disclose adverse information regarding Meridian’s business and operations, including that the Company’s lead tests provided inaccurate results. As a result of defendants’ false statements and/or omissions, Meridian securities traded at artificially inflated prices during the Class Period, with its stock reaching a high of more than $21 per share.
On May 17, 2017, the U.S. Food and Drug Administration (“FDA”) released a warning about the inaccuracy of the Company’s lead tests, stating that “certain lead tests manufactured by Magellan Diagnostics may provide inaccurate results for some children and adults . . . . ‘The FDA is deeply concerned by this situation and is warning laboratories and health care professionals that they should not use and Magellan Diagnostics’ lead tests with blood drawn from a vein.’” According to the FDA, when Magellan lead tests are performed on blood drawn from a vein they may provide “results that are lower than the actual level of lead in the blood.” On this news, the price of Meridian shares fell $1.30 per share, or over 8%, to close at $13.45 per share on May 17, 2017.
Then on July 13, 2017, the FDA issued another statement regarding its investigation into the inaccurate results obtained from certain lead tests, stating that its investigation of Magellan’s facility in Massachusetts included “several inspectional observations that may be violations of federal law.”
If you are a current shareholder and purchased stock between March 25, 2016 to July 13, 2017, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
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