NEW YORK, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all persons or entities who purchased the securities of Masimo Corporation (“Masimo” or the “Company”) (NASDAQ: MASI) between February 28, 2023 and July 17, 2023, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Masimo misled investors by creating the false impression that they possessed reliable information pertaining to Masimo’s sales pipeline; (ii) Masimo’s forecasting processes failed to adequately account for potential loss of sensor sales among Masimo’s customers, as well as the potential decline in demand for premium and luxury audio categories; and (iii) Masimo provided materially flawed revenue guidance for fiscal year 2023. On July 17, 2023, Masimo announced preliminary earnings results for the second quarter of fiscal year 2023 and expected revenue for fiscal year 2023 that fell far short of estimates. On this news, the price of Masimo common stock declined nearly 24% over two trading sessions, damaging investors.

Investors who purchased or otherwise acquired shares of Masimo should contact the Firm prior to the October 23, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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