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LOS ANGELES, June 10, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises ICU Medical, Inc. (ICUI) investors that the firm has initiated an investigation into alleged violations of securities laws, and may file a lawsuit on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: email@example.com, to discuss their legal rights, including eligibility for appointment as a class representative. Class representatives are appointed by the court to act as a fiduciary on behalf of other injured investors.
The investigation focuses on whether the company’s officers and directors misled investors concerning the company’s compliance with relevant best practices in the production of the company’s Lactated Ringer’s Injection, USP. On May 8, 2020, ICU announced that the Company was “voluntarily recalling one single lot of Lactated Ringer’s Injection, USP,” advising that “[t]he products are being recalled to the hospital/user level due to the presence of particulate matter identified as iron oxide” and cautioning that “[a]dministration of a drug product that contains metal particulate matter could result in adverse events ranging from inflammation at the site of injection to more serious events that could include the formation of a blood clot obstructing the flow of blood which could lead to end-organ damage or death.”
On this news, ICU’s stock price fell $19.26 per share, or 8.86%, to close at $198.10 per share on May 8, 2020.
More recently, ICU Chairman and Chief Executive Officer Vivek Jain sold $3.06 million of shares, according to a filing with the U.S. Securities & Exchange Commission. Jain disposed of 15,000 shares at an average price of $203.87 on June 1, according to the filing. The transaction reduced Jain’s directly owned shares by 18% to 66,211 shares, notably ICU dropped 8.4% in the past month.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar