The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Becton, Dickinson And Company...
March 02 2020 - 09:00AM
Business Wire
The Law Offices of Frank R. Cruz announces that a class action
lawsuit has been filed on behalf of persons and entities that
purchased or otherwise acquired Becton, Dickinson and Company
(“Becton” or the “Company”) (NYSE: BDX) securities between
November 5, 2019 and February 5, 2020, inclusive (the “Class
Period”). Crown Castle investors have until April 27, 2020
to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to
participate.
On February 6, 2020, Becton lowered its fiscal 2020 guidance,
announcing that it expected revenue to increase by only 1.5 to 2.5
percent, "to reflect the impact of the remediation effort and
anticipated loss of sales of the Alaris infusion system." According
to the Company, the software remediation plan for the Alaris system
"will require additional regulatory filings," and existing
customers would have "access to the Alaris System under medical
necessity." Becton further disclosed that it had recorded a $59
million charge in connection with a voluntary recall of certain
Alaris pumps.
On this news, Becton's share price fell $33.74, or nearly 12%,
to close at $252.25 per share on February 6, 2020, on unusually
heavy trading volume.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that certain of Becton’s Alaris infusion pumps
experienced software errors and alarm prioritization issues; (2)
that, as a result, the Company was investing in remediation efforts
to address these product issues, rather than a software upgrade to
“make enhancements;” (3) that the Company was reasonably likely to
face regulatory delays in connection with the software remediation;
(4) that, as a result of the foregoing, Becton was reasonably
likely to recall certain of its Alaris infusion pumps; and (5)
that, as a result of the foregoing, Defendants’ positive statements
about the Company’s business, operations, and prospects were
materially false and/or misleading and/or lacked a reasonable
basis.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Becton securities during the Class Period, you
may move the Court no later than April 27, 2020 to ask the
Court to appoint you as lead plaintiff. To be a member of the Class
you need not take any action at this time; you may retain counsel
of your choice or take no action and remain an absent member of the
Class. If you purchased Becton securities, have information or
would like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.com. If you inquire by email please include your
mailing address, telephone number, and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200302005315/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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