NEW YORK, Sept. 29, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in IRadimed Corporation ("IRadimed" or the "Company") (Nasdaq:IRMD) of the November 10, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against IRadimed and certain executives.
A complaint has been filed in the United States District Court for the Southern District of Florida on behalf of all persons who purchased IRadimed securities between July 15, 2014 and September 2, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, IRadimed made false and/or misleading statements and/or failed to disclose that: (i) the Company considerably modified its IV infusion pump system, which could substantially affect the safety and/or effectiveness of the devices; (ii) the mRidium 3860+ infusion pump requires individual FDA clearance; and (iii) as a result, under applicable federal regulations IRadimed's infusion pumps are "adulterated" and "misbranded."
On September 2, 2014, the Company announced that the FDA had sent a warning letter related to an inspection of the Company's facility. The warning letter requests that the Company immediately terminate activities that result in the misbranding or adulteration of the mRidium 3860 MRI infusion pump, mRidium 3850 MRI infusion pump, and the mRidium 3860+ MRI infusion pump.
Following this news, the price of IRadimed stock declined by $3.25 per share, or over 31%, to close on September 3, 2014 at $7.15 per share.
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Take Action
If you invested in IRadimed securities between July 15, 2014 and September 2, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/IRMD. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding IRadimed's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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