Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of ConforMIS, Inc. (Nasdaq: CFMS) (“ConforMIS”) in connection with ConforMIS’s initial public offering on or about July 1, 2015 (the “IPO”); and/or (2) on the open market between July 1, 2015 and August 28, 2015, both dates inclusive (the “Class Period”).
ConforMIS investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, ConforMIS is a medical technology company that purports to use its proprietary iFit Image-to-Implant technology to develop, manufacture and sell joint replacement implants that are individually sized and shaped to fit each patient’s unique anatomy. ConforMIS has sold more than 30,000 knee implants in the United States and Europe.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operational and compliance policies both in connection with its IPO and in subsequent filings with the SEC. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) the company’s manufacturing processes were flawed; (ii) that as a result of the flaws in the company’s manufacturing process, a number of the Company’s knee replacement product systems were defective; and (iii) as a result of the foregoing, ConforMIS’s public statements were materially false and misleading at all relevant times.
On July 1, 2015, ConforMIS completed its IPO, issuing 10.35 million shares and raising net proceeds of approximately $121 million. According to the complaint, on August 31, 2015, pre-market, ConforMIS announced that it had initiated a voluntary recall of specific serial numbers of patient-specific instrumentation for certain of its knee replacement product systems, in response to recent complaints of moisture on the patient- specific instrumentation. A total of approximately 950 patient-specific instrumentation sets were affected by ConforMIS’s recall.
Following this news, ConforMIS’s stock dropped $3.78, or 19.11%, to close at $16.00 on August 31, 2015. At the close of trading on September 3, 2015, the company’s share price closed at $14.21 per share.
If you are a member of the class described above, you may no later than November 2, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706