WASHINGTON--(BUSINESS WIRE)--
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Meridian Bioscience, Inc. (“Meridian Bioscience” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the Southern District of Ohio by another law firm on behalf of purchasers of the common stock of Meridian Bioscience, Inc. (NASDAQ: VIVO) between March 25, 2016 and July 13, 2017, inclusive (the “Class Period”).
On March 24, 2016, Meridian announced the $67.8 million acquisition of Magellan Biosciences and its wholly-owned subsidiary Magellan Diagnostics, a leading provider of blood testing kits to diagnose lead poisoning. The complaint alleges that Meridian Bioscience and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Magellan Diagnostics’ lead tests provide inaccurate results; and (2) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On May 25, 2017, the US Food and Drug Administration published a Class 1 recall notice for Magellan Diagnostics’ LeadCare Plus and Ultra Testing Systems due to inaccurate test results. On June 5, 2017, the FDA published an expanded recall notice to include LeadCare and LeadCare II testing systems.
On June 30, Meridian issued a press release on the Magellan matter, following letters from the Centers for Disease Control and Prevention and a group of U.S. Senators. The press release noted that the FDA conducted an inspection of Magellan’s quality system in June 2017 and Magellan was in the process of responding to the FDA’s observations.
On July 13, 2017, the FDA provided an update on its investigation:
As part of our investigation, we inspected Magellan Diagnostics’ facility in North Billerica, Massachusetts. Today, we are releasing the report issued at the conclusion of the inspection, which includes several inspectional observations that may be violations of federal law. We are carefully reviewing the evidence collected during the inspection to determine if there have been violations of federal law and whether further action is warranted.
The same day, the FDA issued a Form 483 to the Company containing nine observations detailing internal control issues in assessing, recording, investigating, and reporting product complaints and resolutions.
Cohen Milstein encourages all investors who purchased Meridian Bioscience common stock between March 25, 2016 and July 13, 2017, or former employees of Meridian Bioscience or Magellan Biosciences with information concerning this matter to contact the firm.
If you are a Meridian Bioscience shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected]. If you wish to serve as lead plaintiff, you must move the Court no later than January 16, 2018 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven
J. Toll, Esq.
Robin Bleiweis
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
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