DANAHER CORPORATION SHAREHOLDER ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Danaher Corporation (NYSE: DHR)
NEW YORK, July 21, 2023 /PRNewswire/ -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Danaher Corporation (NYSE: DHR)?
- Did you purchase your shares between April 21, 2022 and April 24, 2023, inclusive?
- Did you lose money in your investment in Danaher Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Danaher Corporation ("Danaher" or the "Company") (NYSE: DHR) between April 21, 2022 and April 24, 2023, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Columbia and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased or acquired Danaher securities, and/or would like to discuss your legal rights and options please visit Danaher Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
According to the Complaint, Danaher designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. In 2020 and 2021, Danaher's diagnostic tests and life sciences research tools were widely used in the effort to combat the COVID-19 virus. Specifically, Danaher's diagnostics segment included Cepheid, a leader in molecular testing, and its life sciences segment included a variety of companies that worked to develop COVID-19 vaccines and therapies. As a result, Danaher experienced a significant upswing in both revenue growth over the course of this period.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants failed to disclose to investors that: (i) as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher's COVID-19-related businesses was declining; (ii) contrary to the Company's prior representations to investors, revenues associated with Danaher's non-COVID-19-related businesses were insufficient to compensate for the foregoing negative trend; (iii) Danaher overstated its ability to sustain the growth it had experienced in 2020 and 2021; and (iv) as a result, it was unlikely that Danaher would be able to meet its 2023 revenue forecasts.
On April 25, 2023, Danaher issued a press release announcing its financial results for the first quarter of 2023. Among other items, Danaher reported that "[r]evenues decreased 7.0% year-over-year to $7.2 billion, with a 4.0% non-GAAP core revenue decrease, due to the impact of lower COVID-19 revenue, and 6.0% non-GAAP base business core revenue growth." The Company also projected that "[f]or the second quarter and full year 2023, . . . non-GAAP base business core revenue growth will be up mid-single digits year-over-year", down from an earlier projection of high-single-digit growth. Notably, this announcement appeared to be at odds with Danaher's prior reassurances that revenues associated with the Company's non-COVID-19-related businesses would compensate for the foregoing negative results.
On this news, Danaher's stock price fell $22.36 per share, or 8.79%, to close at $231.99 per share on April 25, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than September 15, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Danaher securities, and/or would like to discuss your legal rights and options please visit Danaher Corporation Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]
SOURCE Bernstein Liebhard LLP
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