New York, New York--(Newsfile Corp. - February 18, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Surmodics, Inc.("Surmodics" or the "Company") (NASDAQ: SRDX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Surmodics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 19, 2023, Surmodics issued a press release "announc[ing] it has received a letter from the U.S. Food and Drug Administration (FDA; the Agency) related to its premarket approval (PMA) application for the SurVeil™ drug-coated balloon (DCB)." The press release stated that "[i]n the letter, the FDA indicated that the application is not currently approvable, while providing specific guidance as to a path forward. The letter stated that certain information within two general categories-biocompatibility and labeling-must be added by an amendment to the company's PMA application to place it in approvable form."
On this news, Surmodics' stock price fell $10.96 per share, or 29.35%, to close at $26.38 per share on January 19, 2023.
Then, on February 13, 2023, Needham downgraded the Company to Hold from Buy, citing uncertain prospects for the Company's SurVeil product.
On this news, Surmodics' stock price fell another $3.43 per share, or 11.84%, to close at $25.53 per share on February 13, 2023.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155378
