The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Becton, Dickinson ...
24 April 2020 - 4:55PM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming April 27, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of Becton, Dickinson and
Company (“Becton” or the “Company”) (NYSE: BDX) investors who
purchased securities between November 5, 2019 and February 5,
2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
On February 6, 2020, Becton lowered its fiscal 2020 guidance,
announcing that it expected revenue to increase by only 1.5 to 2.5
percent, "to reflect the impact of the remediation effort and
anticipated loss of sales of the Alaris infusion system." According
to the Company, the software remediation plan for the Alaris system
"will require additional regulatory filings," and existing
customers would have "access to the Alaris System under medical
necessity." Becton further disclosed that it had recorded a $59
million charge in connection with a voluntary recall of certain
Alaris pumps.
On this news, Becton's share price fell $33.74, or nearly 12%,
to close at $252.25 per share on February 6, 2020, on unusually
heavy trading volume.
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 certain of Becton’s Alaris infusion pumps
experienced software errors and alarm prioritization issues; (2)
that, as a result, the Company was investing in remediation efforts
to address these product issues, rather than a software upgrade to
“make enhancements;” (3) that the Company was reasonably likely to
face regulatory delays in connection with the software remediation;
(4) that, as a result of the foregoing, Becton was reasonably
likely to recall certain of its Alaris infusion pumps; and (5)
that, as a result of the foregoing, Defendants’ positive statements
about the Company’s business, operations, and prospects were
materially false and/or misleading and/or lacked a reasonable
basis.
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If you purchased or otherwise acquired Becton securities during
the Class Period, you may move the Court no later than April 27,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action 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
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
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 info@frankcruzlaw.com, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200423006018/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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