Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Masimo Corporation (NASDAQ: MASI) securities.
If you suffered a loss on your Masimo investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Feb 28 2023 - Jul 17 2023
CASE DETAILS: According to the complaint, defendants provided investors with material information concerning Masimo’s revenue and sales for the second quarter of fiscal 2023 and expected revenue for the full-year 2023. Defendants’ statements included, among other things, Masimo’s ability to deliver clinically proven new products to the healthcare markets thereby supporting defendants’ decision to forecast revenue of $550 million to $565 million for the quarter and increase its earnings-per-share estimates to between $3.59 per share and $3.69 per share. Defendants’ statements in this regard prompted an immediate and dramatic increase in the price of Masimo’s common stock. From a closing price of $167.31 per share on February 28, 2023 at the start of the Class Period, Masimo’s stock price climbed to $184.97 per share the following day on March 1, 2023 on unusually high volume. Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts. On July 17, 2023 Masimo issued a press release announcing its second quarter 2023 earnings. Defendants announced lower than expected revenue for the second quarter of fiscal 2023 and preliminarily decreased full-year revenue estimates for both healthcare and non-healthcare segments. On this news, the price of Masimo’s common stock declined dramatically. From a closing market price of $147.16 per share on July 17, 2023, Masimo’s stock price fell to $117.73 per share on July 18, 2023, a decline of nearly 20% in the span of just a single day.
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