Tandem Diabetes Care, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
As per the allegations in the Complaint, Tandem is a global medical technology company specializing in the development, manufacturing, and marketing of various consumer technologies and software designed for managing diabetes care at home. Their flagship product, the “t:slim X3,” is an FDA-approved at-home insulin pump, and the company also offers web-based applications to assist users in monitoring and treating diabetes.
The Plaintiff asserts that the Defendants provided sales projections for Tandem for the year 2022, ranging from “$835 million to $845 million,” with anticipated annual growth of “19 percent to 20 percent” compared to 2021. The Plaintiff contends that these statements were materially misleading and concealed important adverse facts.
However, on November 2, 2022, Tandem significantly revised its 2022 sales forecast downward to a range of “$800 to $805 million.” This substantial adjustment was attributed to factors such as heightened competition in the diabetes care industry, complications stemming from the COVID pandemic, and broader economic influences like inflation.
Following this announcement, Tandem’s common stock experienced a decline of $14.57 per share, which amounted to approximately 28.37%, ultimately closing at $36.77 per share on November 3, 2022.
