Beckman Coulter, Inc. Securities Litigation
The firm represents a class of shareholders who alleged that the lab equipment maker, Beckman Coulter, Inc., did not disclose product quality and regulatory issues that hurt the company’s stock price in a timely fashion.
Specifically, the plaintiffs alleged that Beckman failed to disclose that modifications to its troponin test kits violated FDA regulations. The troponin test kits are used to detect potential heart disorders. When Beckman revealed this information in March 2010, the stock price dropped. Two months later, Beckman stated it would submit modifications to the FDA by the first half of 2011. This announcement, too, caused Beckman’s stock price to drop.
Plaintiffs requested the federal court approve a $5.5 million settlement in September 2011.