NEW YORK, Oct. 04, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Masimo Corporation (“Masimo” or the “Company”) (NASDAQ: MASI) securities during the period from February 28, 2023 through July 17, 2023, inclusive (the “Class Period”). Investors have until October 23, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On July 17, 2023, when 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 shares declined by $29.43 per share, or approximately 20%, from $147.16 per share to close at $117.73 on July 18, 2023.
The lawsuit alleges that, throughout the Class Period, Masimo “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,” while failing to disclose “material information concerning Defendants’ inability to accurately project sales and revenue.”
If you purchased or otherwise acquired Masimo securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: https://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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