SYNH - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Danaher Sea and Syneos and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Danaher Corporation (NYSE:DHR), Sea Limited (NYSE:SE), and Syneos Health, Inc. (NASDAQ:SYNH). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Danaher Corporation (NYSE:DHR)
Class Period: April 21, 2022 – April 24, 2023
Lead Plaintiff Deadline: September 15, 2023
Danaher designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The Company is comprised of more than 20 operating companies organized under four segments: Biotechnology; Life Sciences; Diagnostics; and Environmental & Applied Solutions.
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 revenue growth over the course of this period.
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.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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) accordingly, Danaher overstated the Company's ability to sustain the growth it had experienced in 2020 and 2021; (iv) as a result, it ...