Tandem Diabetes Care, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired Tandem Diabetes Care, Inc. (“Tandem” or the “Company”) (NASDAQ: TNDM) securities during the period from August 3, 2022 through November 2, 2022, inclusive (the “Class Period”). Investors have until November 7, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that Defendants provided investors with materially misleading 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.
On November 2, 2022, in an investment call and Form 8-K filing, Tandem revised its 2022 forecast downward to $800 to $805 million. Tandem stated the reasons for the scale back included increased competition in the diabetes care sector, complications due to the COVID-19 pandemic, and macroeconomic factors such as inflation. On this news, the price of Tandem shares declined by $15.62 per share, or approximately 30.42%, from $51.34 per share to close at $35.72 on November 4, 2022.
The complaint alleges that Defendants provided investors with materially misleading 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.
On November 2, 2022, in an investment call and Form 8-K filing, Tandem revised its 2022 forecast downward to $800 to $805 million. Tandem stated the reasons for the scale back included increased competition in the diabetes care sector, complications due to the COVID-19 pandemic, and macroeconomic factors such as inflation. On this news, the price of Tandem shares declined by $15.62 per share, or approximately 30.42%, from $51.34 per share to close at $35.72 on November 4, 2022.