PR Newswire12.06.16
Johnson & Weaver, LLP announces that a class action complaint was filed on behalf of purchasers of Zimmer Biomet Holdings Inc. securities during the period between September 7, 2016 through October 31, 2016 (the "Class Period").
Zimmer Biomet provides musculoskeletal healthcare products and solutions. It designs, manufactures, and markets orthopedic reconstructive products, such as knee and hip reconstructive products.
According to the complaint, throughout the Class Period defendants issued false and misleading statements to investors and failed to disclose that: (1) supply chain problems led to a decrease in order fulfillment rates, most notably within Zimmer Biomet's knee and hip portfolios; (2) as such, Zimmer Biomet would not achieve its revenues and profit forecast; and (3) as a result, defendants' statements about Zimmer Biomet's business, operations, and prospects, were false and misleading and lacked a reasonable basis. When the factual information became known, the complaint claims that investors suffered damages.
In a conference with investors the Company stated: "Third quarter revenue was below our expectations, primarily due to execution issues within our large joint supply chain, which led to a degradation in order fulfillment rates late in the quarter as well as our performance in dental." Then added: "As a consequence, we underestimated demand for certain key cross-sell brands within our existing customer base, leading to a depletion of our safety stocks and also affecting our ability to capitalize on new customer opportunities."
Plaintiff seeks to recover damages on behalf of all purchasers of Zimmer Biomet securities during the Class Period. If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2017.
Zimmer Biomet provides musculoskeletal healthcare products and solutions. It designs, manufactures, and markets orthopedic reconstructive products, such as knee and hip reconstructive products.
According to the complaint, throughout the Class Period defendants issued false and misleading statements to investors and failed to disclose that: (1) supply chain problems led to a decrease in order fulfillment rates, most notably within Zimmer Biomet's knee and hip portfolios; (2) as such, Zimmer Biomet would not achieve its revenues and profit forecast; and (3) as a result, defendants' statements about Zimmer Biomet's business, operations, and prospects, were false and misleading and lacked a reasonable basis. When the factual information became known, the complaint claims that investors suffered damages.
In a conference with investors the Company stated: "Third quarter revenue was below our expectations, primarily due to execution issues within our large joint supply chain, which led to a degradation in order fulfillment rates late in the quarter as well as our performance in dental." Then added: "As a consequence, we underestimated demand for certain key cross-sell brands within our existing customer base, leading to a depletion of our safety stocks and also affecting our ability to capitalize on new customer opportunities."
Plaintiff seeks to recover damages on behalf of all purchasers of Zimmer Biomet securities during the Class Period. If you wish to serve as lead plaintiff, you must move the Court no later than January 31, 2017.