San Diego, CA -- (SBWire) -- 08/08/2023 --An investor, who purchased shares of Danaher Corporation (NYSE: DHR), filed a lawsuit over alleged violations of Federal Securities Laws by Danaher Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Danaher Corporation (NYSE: DHR) have certain options and for certain investors are short and strict deadlines running. Deadline: September 15, 2023. NYSE: DHR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Washington, DC based Danaher Corporation 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 Corporation'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 Corporation announced its financial results for the first quarter of 2023. Among other items, Danaher Corporation 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.
Shares of Danaher Corporation (NYSE: DHR) declined from $303.82 per share on August 15, 2022, to $221.22 per share on May 17, 2023.
The plaintiff claims that between April 21, 2022, and April 24, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher's COVID-19-related businesses was declining, that 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, that accordingly, Danaher overstated the Company's ability to sustain the growth it had experienced in 2020 and 2021, that as a result, it was unlikely that Danaher would be able to meet its 2023 revenue forecasts, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.
Those who purchased shares of Danaher Corporation (NYSE: DHR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniles
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NYSE:DHR Shareholder Alert: Lawsuit Alleges Securities Laws Violations by Danaher Corporation
A lawsuit was filed on behalf of investors in Danaher Corporation (NYSE:DHR) shares over alleged securities laws violations.