Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Tandem Diabetes Care, Inc. (“Tandem” or the “Company”) (NASDAQ: TNDM) securities between August 3, 2022 and November 2, 2022, inclusive (the “Class Period”). Tandem investors have until November 7, 2023 to file a lead plaintiff motion.
If you suffered a loss on your Tandem investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Tandem-Diabetes-Care-Inc/. You can also contact Charles H. Linehan of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On November 2, 2022, Tandem revised its 2022 financial guidance downward, forecasting Non-GAAP sales of $800 to $805 million, down from $835 to $845 million. The Company attributed the revision to increased competition in the diabetes care sector, pandemic complications, and inflation.
On this news, Tandem’s stock price fell $15.62, or 30.4%, to close at $35.72 per share on November 3, 2022, thereby injuring investors.
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: (1) failed to adequately account for the potential impact of the release of Omnipod 5 and the impact of that product on the Company’s revenue; (2) deliberately misled investors regarding the impact of Omnipod 5 on revenue; (3) misled investors by creating the false impression that the factors which led to the decreased sales guidance in August – competition, COVID, and inflation – had not been adequately controlled for and were, in fact, improving; (4) deliberately misled investors when stating that the second half of 2022 had been adequately predicted; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Tandem securities during the Class Period, you may move the Court no later than November 7, 2023 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.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.