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Fluidigm Corporation Class Action Lawsuit

Case Summary

Company Name
Fluidigm Corporation
Stock Symbol
FLDM
Class Period
February 7, 2019 to November 5, 2019
Court
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.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation.  With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history.  For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements.  Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims.  Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide.  Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.

Class Period: February 7, 2019 - November 5, 2019
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