SAN FRANCISCO, March 17, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Natus Medical, Inc. (NASDAQ: BABY ) of the March 31, 2017 Lead Plaintiff deadline in the pending securities class action.
If you purchased or otherwise acquired securities of BABY between October 16, 2015 and April 3, 2016 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/BABY
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing BABY@hbsslaw.com .
On October 15, 2015, Natus announced it would supply the Venezuelan government with medical equipment, supplies and services over a three year period. The Company stated “[p]repayments totaling approximately $69 million are expected by the first quarter of 2016[]” and “[i]f fully performed, the total sales under the agreement would aggregate $232.5 million.”
However, by January 11, 2016, Natus had yet to receive a payment from the Venezuelan government and the Company reduced its fourth quarter 2015 revenue guidance from $102 - $105 million to approximately $100 million. That day, Natus’ stock closed at $38.25 per share, over 11% lower than the previous closing price of $43.20 per share.
On February 29, 2016, Natus filed its Form 10-K which attached a copy of the Venezuelan contract. The contract specified that the $69 million prepayments were due by the end of the fourth quarter of 2015.
By April 4, 2016, Natus announced it had again failed to secure any money from the Venezuelan government and the Company reduced its first quarter 2016 revenue guidance from $91.5 - $92.5 million to $87.5 million. Natus’ stock closed at $31.84 per share that day – down over 19%. SEC filings show the Company’s CEO (James Hawkins) and CFO (Jonathan Kennedy) together sold over $10.7 million of their shares between October and December 2015.
“Among other things, we’re concerned about insider selling, especially considering Defendants’ announcements and the Company’s twice-reduced guidance,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding BABY should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email BABY@hbsslaw.com .
About Hagens Berman Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
