LOS ANGELES, Oct. 21, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Fluidigm Corporation ("Fluidigm" or the "Company") (NASDAQ: FLDM) securities between February 7, 2019 and November 5, 2019, inclusive (the "Class Period"). Fluidigm investors have until November 20, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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, the Company's share price fell $4.10, or 34%, to close at $8.05 per share on August 2, 2019, thereby injuring investors.
Then, on November 5, 2019, after the market closed, Fluidigm reported that third quarter 2019 revenue declined 8.5% year-over-year primarily due to mass cytometry instrument sales.
On this news, the Company's share price fell $2.60, or 51%, to close at $2.51 per share on November 6, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Fluidigm was experiencing longer sales cycles; (2) that, as a result, Fluidigm's revenue was reasonably likely to decline; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Fluidigm securities during the Class Period, you may move the Court no later than November 20, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Fluidigm securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View original content to download multimedia:http://www.prnewswire.com/news-releases/the-law-offices-of-frank-r-cruz-announces-the-filing-of-a-securities-class-action-on-behalf-of-fluidigm-corporation-fldm-investors-301156976.html
SOURCE The Law Offices of Frank R. Cruz, Los Angeles