Tandem Diabetes Care, Inc. (NASDAQ: TNDM)
NEW YORK, NY and SAN DIEGO, CA – September 13, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased or otherwise acquired Tandem Diabetes Care, Inc. (“Tandem” or the “Company”) (NASDAQ: TNDM) securities between August 3, 2022 and November 2, 2022, both dates inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. .
If you have incurred losses, you may, no later than November 7, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
The filed Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that:
- the Company misled investors by creating the false impression that the impact of competitors’ products was minimal or less than expected;
- the Company’s forecasting processes failed to adequately account for the potential impact of the release of Omnipod 5, a competing product, and the impact of that product on the Company’s revenue; and
- the Company created the false impression that the factors which led to decreased sales guidance in August 2022 – competition, the COVID-19 pandemic, and inflation – had been adequately controlled for and were, in fact, improving.
- The Complaint further alleges that on November 2, 2022, the Company updated its 2022 annual guidance to lower annual sales estimates from the range of $835 million to $845 million to an updated range of $800 million to $805 million.
In response to this news, analysts were “surprised.” An analyst from Citi Research explained “Staffing competitive pressures and economic conditions allowed for August seasonality that did not translate to a September acceleration, nor normalized levels in October.”
On this news, Tandem shares decline 33.8% from $55.60 per share down to $36.77 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 09/27/2023