A lawsuit was filed on behalf of investors in Meridian Bioscience, Inc. (NASDAQ:VIVO) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/11/2017 -- An investor, who purchased NASDAQ:VIVO shares, filed a lawsuit against Meridian Bioscience, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Meridian Bioscience, Inc. (NASDAQ:VIVO) have certain options and for certain investors are short and strict deadlines running. Deadline: January 16, 2018. NASDAQ:VIVO investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Meridian Bioscience, Inc. (NASDAQ:VIVO) common shares between March 25, 2016 and July 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 25, 2016 and July 13, 2017, the Defendants issued materially false and/or misleading statements and/or failed to disclose thatDefendant's lead tests provide inaccurate results, and that as a result of the foregoing, the Company's public statements were materially false and misleading at all relevant times.
On May 17, 2017, the U.S. Food and Drug Administration ("FDA") issued a warning to Meridian Bioscience, Inc that lead tests conducted by the Company's subsidiary, Magellan Diagnostics, may be incorrect. According to the FDA, tests performed on blood drawn from a vein has led to "results that are lower than the actual level of lead in the blood." The FDA has recommended discontinuation of Magellan when testing with venous blood samples.
On July 13, 2017, Meridian Bioscience, Inc provided comments regarding the FDA statement and website announcement concerning the posting of the Form FDA-483 issued following the inspection of Magellan Diagnostics, which closed on June 29, 2017. As FDA noted, this Form represents the investigators' observations and is not a final Agency determination. Consistent with FDA policy, Magellan will promptly submit responses to the Form FDA-483 for the Agency's consideration.
On October 23, 2017, Meridian Bioscience's subsidiary, Magellan Diagnostics received a warning letter from the FDA following an inspection. In its announcement of the same day, the FDA stated that the warning letter was the result of "several violations of federal law" by Magellan, including "marketing significantly modified versions of two of its blood lead testing systems without the FDA's required clearance or approval and failing to submit medical device reports to the FDA after becoming aware of customer complaints involving discrepancies in blood lead test results."
Those who purchased shares of Meridian Bioscience, Inc. (NASDAQ:VIVO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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