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DHR.US
id: 781
Danaher Corporation (DHR) COVID-19 Revenue Projections Case
D. District Columbia
Court1:23-cv-02055
Case number04/21/2022
Class period Start04/24/2023
Class period End09/15/2023
Lead Plaintiff motion deadlineOn April 25, 2023, Danaher Corporation (DHR) announced its financial results for Q1 2023. Among other things, Danaher reported that “revenues 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 “for 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, $DHR fell 8.79%, damaging investors.
Taking all representations into account, investors have reasons to suspect the Company and its Leaders of misleading and financial misrepresentation regarding the Company’s business, operations, and prospects, specifically:
- as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher’s COVID-19-related businesses was declining;
- 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;
- accordingly, Danaher overstated the Company’s ability to sustain the growth it had experienced in 2020 and 2021;
- as a result, it was unlikely that Danaher would be able to meet its 2023 revenue forecasts;
As a result, the public statements were materially false and/or misleading.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04/25/2023
Filing date
07/17/2023
Lead Plaintiff Deadline
09/15/2023