IRVINE, CA / ACCESSWIRE / August 11, 2017 / Khang & Khang LLP (the ''Firm'') announces the filing of a securities class action lawsuit against Foundation Medicine, Inc. (''Foundation'' or the ''Company'') (NASDAQ: FMI). Investors who purchased or otherwise acquired shares between February 26, 2014 and November 3, 2015, inclusive (the ''Class Period''), are encouraged to contact the Firm in advance of the September 26, 2017 lead plaintiff motion deadline.
If you purchased Foundation shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 4000 Barranca Parkway, Suite 250, Irvine, CA 92604, by telephone at (949) 419-3834, or by e-mail at [email protected].
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member as well.
According to the Complaint, throughout the Class Period, Foundation made false and/or misleading statements, and/or failed to disclose, material information to investors. On July 29, 2015, the Company announced 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. On this news, Foundation's stock price dropped significantly. On November 3, 2015, the Company revealed another revision to the already reduced number of clinical tests it expected to report for 2015. When this news reached the public, shares of Foundation declined in value materially, which caused investors harm according to the Complaint.
If you wish to learn more about this lawsuit, or if you have any questions concerning this notice or your rights, please contact Joon M. Khang, Esq., a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at [email protected].
This press release may constitute Attorney Advertising in some jurisdictions.
Joon M. Khang, Esq.
SOURCE: Khang & Khang LLP