NEW YORK — Scott+Scott this week was appointed Co-Lead Counsel in a securities class action against the organ transplant technology provider Transmedics Group, Inc., and the company’s senior executives.
According to the court order by Judge Leo T. Sorokin of the United States District Court of the District of Massachusetts, the plaintiffs allege that TransMedics “made statements […] about its business practices and revenue generation that were materially false and misleading.”
The lawsuit alleges that Transmedics missed its earnings estimates by a wide margin causing revenue to drop substantially. On this news presented during a 3Q24 earnings call, the company’s stock price fell $39.24, or more than 30%, on October 29, 2024. Transmedics shares continued to decline through December 2024.
The plaintiffs’ class period is between February 28, 2023, and January 10, 2025, inclusive.
The case is: Jewik v. TransMedics Group, Inc., No. 1:25-cv-10385 (D. Mass.)
Scott+Scott will share the Co-Lead Counsel role with The Schall Law Firm and Saxena White P.A.