Tandem Diabetes Care, Inc.
A securities class action has been filed in the USDC – S.D.CA. against Tandem Diabetes Care, Inc. (TNDM) (“Tandem” or the “Company”) on behalf of a class consisting of all persons and entities that purchased or otherwise acquired Tandem securities between August 3, 2022 through November 3, 2022, both dates inclusive (the “Class Period”).
Tandem is a global medical technology company that develops, manufactures, and markets a variety of consumer technologies and software for at home diabetes care
The complaint alleges that defendants provided investors with material information concerning Tandem’s projected revenue and sales for the year ending 2022. On August 2, 2022, Tandem estimated annual sales “to be in the range of $835 million to $845 million, which represents an annual growth of 19 percent to 20 percent compared to 2021.” Defendants provided these statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts, thereby harming investors.
The truth emerged on November 2, 2022, when Tandem, in an investment call and Form 8-K filing, revised its 2022 forecast downward to $800 to $805 million. Reasons stated for the scale back included increased competition in the diabetes care sector, complications due to the COVID pandemic, and macroeconomic factors such as inflation. Investors and analysts reacted immediately to Tandem’s revised guidance. The price of Tandem’s common stock declined dramatically. On November 2, 2022, Tandem closed at $51.34; however, on November 3, 2022, Tandem closed at $35.72 – a one-day decline of 30.4%.
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Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
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