The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tandem Diabetes Care, Inc. (NASDAQ: TNDM) who purchased securities between August 3, 2022 and November 2, 2022. The action, which was filed in , alleges that the Company violated federal securities laws.
According to the complaint, defendants provided investors with material information concerning Tandem’s projected revenue and sales for the year ending 2022. On August 2, 2022, Tandem estimated annual sales “to be in the range of $835 million to $845 million, which represents an annual growth of 19 percent to 20 percent compared to 2021.” Defendants provided these statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts. The truth emerged on November 2, 2022 when Tandem, in an investment call and Form 8-K filing, revised its 2022 forecast downward to $800 to $805 million. Reasons stated for the scale back included increased competition in the diabetes care sector, complications due to the COVID pandemic, and macroeconomic factors such as inflation. Investors and analysts reacted immediately to Tandem’s revised guidance. The price of Tandem’s common stock declined dramatically. On November 2, 2022, Tandem closed at $51.34; however, on November 3, 2022 Tandem closed at $35.72 – a one-day decline of 30.4%.
Shareholders have until November 7, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
To learn more and keep informed, complete this form >