RADNOR, Pa., Oct. 07, 2015 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against ConforMIS, Inc. (Nasdaq:CFMS) (“ConforMIS” or the “Company”) on behalf of shareholders who purchased the Company’s common stock (i) pursuant or traceable to the Company’s July 1, 2015 initial public offering (the “IPO”) or (ii) on the open market between July 1, 2015 and August 28, 2015, inclusive (the “Class Period”).
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/conformis-inc.
ConforMIS shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.
ConforMIS is a medical technology company that develops, manufactures and sells joint replacement implants.
The complaint alleges that, throughout the Class Period, ConforMIS and certain of its executive officers made a series of materially false and misleading statements about the Company’s business, operational and compliance policies. Specifically, the complaint alleges that the defendants made false and misleading statements and/or failed to disclose that: (i) the Company’s manufacturing processes were flawed; (ii) 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, the Company’s public statements were materially false and misleading at all relevant times.
On August 31, 2015, ConforMIS announced that it had initiated a recall of certain of its knee replacement product systems in response to complaints of moisture on the patient-specific instrumentation.
Following this news, shares of ConforMIS’s stock declined $3.78 per share, or over 19 percent, to close on August 31, 2015 at $16.00 per share.
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 (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at info@ktmc.com
Members of the class may, no later than November 2, 2015, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.