Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired shares of Globus Medical, Inc. (NYSE: GMED) (“Globus”) between February 26, 2014 through August 5, 2014, inclusive (the “Class Period”).
Globus Medical, Inc.investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Globus is a medical device company that develops products to treat patients with musculoskeletal disorders.
The complaint alleges that throughout the Class Period, defendants issued materially false and misleading statements to investors.
Specifically, defendants failed to disclose that: (1) Globus Medical’s relationship with a significant distributor was deteriorating; (2) such deterioration was negatively impacting Globus Medical’s financial performance; and (3) as a result of the foregoing, defendants’ statements about Globus Medical’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On August 5, 2014, Globus issued a press release announcing its financial results for the 2014 second quarter and substantially lowered its revenue guidance for the 2014 year. In announcing its results, the Company disclosed that certain operating challenges had resulted in sales growth below its historical trends.
On this news the Company's shares fell $4.05 per share, or 17.9%, to close on August 6, 2014, at $18.51 per share, on unusually high volume.
If you are a member of the class described above, you may no later than November 30, 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