NEW YORK, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP notifies investors that a complaint has been filed on behalf of purchasers or acquirers of Masimo Corp. (“Masimo” or the “Company”) (NASDAQ: MASI) common stock between February 28, 2023 and July 17, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Masimo common stock during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than October 23, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On July 17, 2023, after the market closed, Masimo issued a press release announcing its preliminary financial results for the second quarter of fiscal 2023. The press release disclosed lower-than expected revenue for the second quarter of 2023. The company blamed the healthcare-related revenue shortfall on multiple factors including elevated sensor inventories due to past discounting. The company blamed the non-healthcare revenue shortfall on the decline in demand previously seen in lower-end consumer categories extending into premium and luxury audio categories.
According to the complaint, a number of well-known analysts downgraded the Company’s stock and/or lowered their price targets in response to Masimo’s disclosures. Additionally, the complaint alleges that one analyst wrote “[w]e’re not often left flummoxed, but today’s pre-announcement certainly qualifies[,]” and also stated that the multitude of factors cited raises several questions, including “the persistence of elevated channel inventory (and secondarily how/why this inventory managed to move as high as it did)[.]”
Following this news, on July 18, 2023 the price of Masimo common stock fell $29.43 per share, or 20%, to close at $117.73 per share on heavy trading volume.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
