NEW YORK, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Revvity, Inc. (“Revvity” or the “Company”) (NYSE: RVTY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Revvity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 30, 2023, Revvity reported disappointing results for its third quarter of 2023, including non-GAAP earnings-per-share of $1.18, missing consensus estimates by $0.01, and revenue of $670.74 million, missing consensus estimates by $23.78 million and representing a 5.8% year-over-year decline. The Company also slashed its full year 2023 revenue guidance to between $2.72 billion and $2.74 billion, compared to its prior revenue forecast of $2.8 billion to $2.85 billion, as well as analysts’ estimates of $2.83 billion. On a conference call to discuss Revvity’s results, the Company’s Chief Financial Officer noted that there was a “noticeable step down” in demand from Revvity’s pharmaceutical and biotech clients, particularly in September. In addition, Revvity advised that weakness in demand for its diagnostics and contract research solutions would likely continue at least into the first half of the next year.
On this news, Revvity’s stock price fell $15.79 per share, or 16.13%, to close at $82.08 per share on October 30, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
