| COMPANY |
Merit Medical Systems, Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
19-cv-02326 |
| JUDGE |
The Honorable David O. Carter |
| CLASS PERIOD |
February 26, 2019 – October 30, 2019 |
| SECURITY TYPE |
Common Stock |
Case Background:
On December 03, 2019, the initial complaint in this securities class action was filed against Merit Medical Systems, Inc. (“Merit” or the “Company”) and certain of Merit’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action brought on behalf of all persons who purchased or otherwise acquired Merit common stock between February 26, 2019 and October 30, 2019, (the “Class Period”) both dates inclusive.
The complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information concerning Merit’s business and prospects. Specifically, the complaint alleges Defendants failed to disclose that: (1) the integrations of Cianna and Vascular Insights, including their products, sales people, and R&D facilities, had caused operational disruptions and reduced sales and were months behind schedule; (2) sales of acquired company products had slowed substantially due to pre-acquisition pipeline fill, in particular for Vascular Insights products which, as late as July 2019, had zero orders during fiscal 2019; and (3) in light of the foregoing, the Company’s reported financial guidance for fiscal 2019 and 2020 was made without a reasonable basis.
Current Status of Case:
Lead Plaintiff filed a consolidated complaint (the “Complaint”) on June 30, 2020. On March 29, 2021, the Court entered an Order denying Defendants’ Motion to Dismiss. On September 3, 2021, the Court entered a Scheduling Order which included a trial date set for October 11, 2022. On November 24, 2021, the parties filed a Notice of Settlement. On April 18, 2022, the Court issued an Order approving the settlement of this action. This action has concluded.
The deadline to file a claim was May 25, 2022. You may find additional information regarding the terms of the settlement and claim filing process at www.MeritMedicalSecuritiesLitigation.com, or by calling the claims administrator, A.B. Data, Ltd, at (877) 242-2522.
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: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.