Robbins LLP: Meridian Bioscience, Inc. (VIVO) Misled Shareholders According to a Recently Filed Class Action
Robbins LLP announces that a class action complaint was filed against Meridian Bioscience, Inc. (NasdaqGS: VIVO). The complaint is brought on behalf of all purchasers of Meridian securities between March 25, 2016 and July 13, 2017, for alleged violations of the Securities Exchange Act of 1934 by Meridian’s officers and directors. Meridian, a life science company, develops, manufactures, distributes, and sells diagnostic test kits primarily for various infectious diseases worldwide.
Meridian Accused of Misrepresenting Clinical Trials
According to the complaint, on March 24, 2016, Meridian announced the company’s acquisition of Magellan Biosciences, Inc. and Magellan Diagnostics, Inc., representing Magellan to be “the leading provider of point-of-care lead testing systems” and as having a “robust product development pipeline.” However, Magellan’s lead tests were called into question on May 17, 2017, when the U.S. Food and Drug Administration (“FDA”) warned the public that Magellan’s lead tests may provide inaccurate results. As the truth was revealed, Meridian’s stock price fell $1.30 per share, or over 8%, to close at $13.45 per share on May 17, 2017. The FDA subsequently launched an investigation into the issue and inspected Magellan’s facility, stating that the evidence collected indicated several observations that may be violations of federal law.
Meridian Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.