If you purchased or acquired securities in Masimo stock or options between February 28, 2023 and July 17, 2023and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/MASI.
There is no cost or obligation to you.
NEW YORK, Oct. 11, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Masimo Corporation ("Masimo" or the "Company") (NASDAQ: MASI) and reminds investors of the October 23, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
According to the lawsuit, defendants misled investors by creating the false impression that they possessed reliable information pertaining to the Company's sales pipeline. In reality, defendants' forecasting processes failed to adequately account for potential loss of sensor sales among Masimo's customers, as well as the potential decline in demand for premium and luxury audio categories. Alternatively, defendants deliberately ignored the decline in sales. In either event, defendants misled investors by providing the public with materially flawed revenue guidance for fiscal 2023. When the true details entered the market, the lawsuit claims that investors suffered damages.
The truth emerged 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.
Investors and analysts reacted immediately to Masimo's revelation. 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Masimo's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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SOURCE Faruqi & Faruqi, LLP
