NEW YORK, Aug. 31, 2023 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Masimo Corporation ("Masimo" or the "Company") (NASDAQ: MASI) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Masimo investors who were adversely affected by alleged securities fraud between February 28, 2023 and July 17, 2023. Follow the link below to get more information and be contacted by a member of our team:
https://zlk.com/pslra-1/masimo-lawsuit-submission-form?prid=45489&wire=4
MASI investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
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.
WHAT'S NEXT? If you suffered a loss in Masimo during the relevant time frame, you have until October 23, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 4th Floor Suite #427
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/shareholder-alert-levi--korsinsky-notifies-masimo-corporationmasi-investors-of-a-class-action-lawsuit-and-upcoming-deadline-301914362.html
SOURCE Levi & Korsinsky, LLP
