Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Meridian Bioscience, Inc. (NasdaqGS: VIVO).
On January 25, 2017, the Company revealed negative 1Q2017 financial results, reducing revenue guidance for the fiscal year and a reduction to the annual indicated dividend rate. Then, on May 17, 2017, a safety notice was issued by the U.S. Food and Drug Administration (“FDA”) advising that consumers halt the use of the Company’s lead poisoning testing system due to a product recall. Then, on October 23, 2017, the Company was issued a warning letter from the FDA, which was explained by the FDA in its accompanying press release was the result of “several violations of federal law” including “marketing significantly modified versions of two of its blood lead testing systems without the FDA’s required clearance or approval and failing to submit medical device reports to the FDA after becoming aware of customer complaints involving discrepancies in blood lead test results.” Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws.
KSF’s investigation focuses on whether Meridian’s officers and/or directors breached their fiduciary duties to Meridian’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Meridian shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org).