Investigation of Fluidgim Corporation
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Fluidigm Corporation (FLDM) Accused of Misrepresenting its Business, Operations, and Prospects
During the relevant period, Fluidigm touted its positive financial results. However, defendants failed to disclose that it was experiencing longer sales cycles and as a result, its revenue was reasonably likely to decline. The truth was partially revealed on August 1, 2019, when Fluidigm reported second quarter 2019 revenue below analysts’ expectations, citing weakness in its microfluids segment. On this news, Fluidigm’s share price fell 35%, to close at $8.05 per share on August 2, 2019. Then, on November 5, 2019, Fluidigm reported that third quarter 2019 revenue had declined 8.5% year-over-year due to mass cytometry instrument sales, which had decreased 23 percent from the prior year. On this news, Fluidigm’s share price fell 51%, to close at $2.51 per share on November 6, 2019.