LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Masimo Corporation (“Masimo” or the “Company”) (NASDAQ: MASI) common stock between February 28, 2023 and July 17, 2023, inclusive (the “Class Period”). Masimo investors have until October 23, 2023, to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 17, 2023, Masimo released preliminary financial results for the second quarter of 2023, revealing lower-than-expected revenue and decreased full-year revenue estimates for both healthcare and non-healthcare segments.
On this news, Masimo’s stock price fell $29.43, or 20%, to close at $117.73 per share on July 18, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) misled investors by creating the false impression that they possessed reliable information pertaining to the Company’s sales pipeline; (2) failed to adequately account for potential loss of sensor sales among Masimo’s customers, as well as the potential decline in demand for premium and luxury audio categories; (3) deliberately ignored the decline in sales; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Masimo common stock during the Class Period, you may move the Court no later than October 23, 2023, to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Masimo common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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