San Diego, CA — 11/08/2017 — An investigation was announced for investors in NASDAQ:VIVO shares concerning possible violations of securities laws by Meridian Bioscience in connection with certain financial statements.
The investigation by a law firm focuses on whether certain statements by Meridian Bioscience regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Meridian Bioscience, Inc. reported that its Total Revenue rose from $194.83 million for the 12 months period that ended on September 30, 2015 to over $196.08 million for the 12 months period that ended on September 30, 2016 and that its Net Income for those respective time periods declined from $35.54 million to $32.23 million.
On January 25, 2017, Meridian Bioscience, Inc announced negative first-quarter 2017 fiscal year financial results, revised its previously issued revenue guidance for the 2017 fiscal year downwards, and announced that the Board of Directors reduced the annual indicated dividend rate.
On May 17, 2017, the U.S. Food and Drug Administration (“FDA”) issued a warning to Meridian Bioscience, Inc that lead tests conducted by the Company's subsidiary, Magellan Diagnostics, may be incorrect. According to the FDA, tests performed on blood drawn from a vein has led to “results that are lower than the actual level of lead in the blood.” The FDA has recommended discontinuation of Magellan when testing with venous blood samples.
On October 23, 2017, Meridian Bioscience's subsidiary, Magellan Diagnostics received a warning letter from the FDA following an inspection. In its announcement of the same day, the FDA stated that the warning letter was the result of “several violations of federal law” by Magellan, including “marketing significantly modified versions of two of its blood lead testing systems without the FDA's required clearance or approval and failing to submit medical device reports to the FDA after becoming aware of customer complaints involving discrepancies in blood lead test results.”
Those who purchased shares of Meridian Bioscience, Inc. (NASDAQ:VIVO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego
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