Fluidigm Corporation Class Action Lawsuit
- Company Name
- Fluidigm Corporation
- Stock Symbol
- Class Period
- February 7, 2019 to November 5, 2019
- Northern District of California
The Fluidigm Corporation class action lawsuit charges Fluidigm and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers or acquirers of Fluidigm securities between February 7, 2019 and November 5, 2019, inclusive (the “Class Period”). The Fluidigm class action lawsuit was commenced on September 21, 2020 in the Northern District of California and is captioned Saintjermain v. Fluidigm Corporation, No. 20-cv-06617.
Fluidigm manufactures and markets products and services that are used by researchers to study health and disease, identify biomarkers, and accelerate the development of therapies.
The Fluidigm class action lawsuit alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Fluidigm was experiencing longer sales cycles; (2) as a result, Fluidigm’s revenue was reasonably likely to decline; and (3) as a result of the foregoing, defendants’ positive statements about Fluidigm’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 1, 2019, Fluidigm reported second quarter 2019 revenue of $28.2 million, well below analysts’ expectations of $32 million, citing weakness in its microfluidics segment. On this news, Fluidigm’s share price fell nearly 34%.
Then, on November 5, 2019, Fluidigm reported that third quarter 2019 revenue had declined 8.5% year over year, primarily due to mass cytometry instrument sales. On this news, Fluidigm’s share price fell nearly 51%, further damaging investors.
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