Tandem Diabetes Care (TNDM) Financial Misrepresentation Case

The case has been dismissed, typically without any further action.

S.D. California

Court

3:23-cv-01657

Case number

08/03/2022

Class period Start

11/02/2022

Class period End

11/08/2023

Lead Plaintiff motion deadline

Tandem cut its 2022 forecast contrary to its recent projections.
$TNDM fell about 30% and lost over $940M of market cap.
Shareholders suspect Tandem of misleading that led consequently to their investment losses.

On November 2, 2022, Tandem Diabetes Care (TNDM) cut its 2022 sales forecast to $800 to $805 million. Reasons stated for the scaleback included increased competition in the diabetes care sector, complications due to the COVID-19 pandemic, and macroeconomic factors such as inflation.

On this news, $TNDM declined nearly 30% and lost over $940 million of its market capitalization, seriously damaging investors.

Three months earlier, on August 2, 2022, Tandem estimated annual sales “to be in the range of $835 million to $845 million, which represents an annual growth of 19% to 20% compared to 2021.”

Considering all representations, Investors have reasons to suspect Tandem of misguiding them about true business prospects.

Case Status

Dismissed

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/03/2022

Filing date

09/08/2023

Lead Plaintiff Deadline

11/08/2023

Judge

Hon. Marilyn L. Huff