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LOS ANGELES, Aug. 3, 2017 /PRNewswire/ -- Lundin Law PC, a shareholder rights firm, announces the filing of a class action lawsuit against Foundation Medicine, Inc. ("Foundation" or the "Company") (Nasdaq: FMI) concerning possible violations of federal securities laws between February 26, 2014 and November 3, 2015, inclusive (the "Class Period"). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the September 26, 2017 lead plaintiff motion deadline.
To participate in this class action lawsuit, click here.
You can also call Brian Lundin, Esq., of Lundin Law PC, at 888-713-1033, or you can e-mail him at email@example.com.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, throughout the Class Period, Foundation made false and misleading statements, and/or failed to disclose, material information to investors. On July 29, 2015, the Company disclosed that it was not making the strides obtaining coverage it claimed to have been making during the Class Period, and that 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 cut its 2015 financial guidance, which was based on an assumption that Medicare approval was going to be obtained in 2015. Following this news, Foundation's stock price dropped significantly. On November 3, 2015, the Company revealed a further revision to the already reduced number of clinical tests it expected to report for 2015. Upon release of this news, shares of Foundation decreased in value materially, causing investors harm according to the Complaint.
Lundin Law PC was founded by Brian Lundin, Esq., a securities litigator based in Los Angeles dedicated to upholding shareholders' rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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