Philadelphia, Pennsylvania--(Newsfile Corp. - September 11, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Masimo Corporation ("Masimo") (NASDAQ: MASI) on behalf of those who purchased Masimo common stock between February 28, 2023 and July 17, 2023, both dates inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Masimo securities during the Class Period may, no later than October 23, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/masimo/
Masimo is a global medical technology company that develops, manufactures, and markets a variety of noninvasive monitoring technologies. In 2022, Masimo announced a change in its organizational structure, creating two reportable segments, healthcare and non-healthcare, designed to accelerate growth strategies and strengthen its focus on patient care.
The lawsuit alleges that the defendants misled investors by creating the false impression that they possessed reliable information pertaining to Masimo's sales pipeline. According to the complaint, throughout the Class Period, Masimo's forecasting processes failed to adequately account for potential loss of sensor sales among Masimo's customers, as well as the potential decline in demand for premium and luxury audio categories.
Investors learned the truth on July 17, 2023. On that date, after the market closed, Masimo issued a press release announcing its preliminary earnings results for the second quarter of fiscal 2023 and expected revenue for the full year. In the press release, the defendants announced lower than expected revenue for the second quarter of fiscal 2023 and preliminarily decreased full-year revenue estimates for both healthcare and non-healthcare segments.
Following this news, the price of Masimo's common stock declined from a closing market price of $147.16 per share on July 17, 2023, to $117.73 per share on July 18, 2023, a decline of nearly 20%.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding Masimo is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
James Maro, Senior Counsel
Andrew Abramowitz, Senior Counsel
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