NEW YORK, Sept. 12, 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 or otherwise acquired Tandem Diabetes Care, Inc. (“Tandem” or the “Company”) (NASDAQ: TNDM) securities between August 3, 2022 and November 2, 2022, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

The Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company misled investors by creating the false impression that the impact of competitors’ products was minimal or less than expected; (ii) the Company’s forecasting processes failed to adequately account for the potential impact of the release of Omnipod 5, a competing product, and the impact of that product on the Company’s revenue; and (iii) the Company created the false impression that the factors which led to decreased sales guidance in August 2022 – competition, the COVID-19 pandemic, and inflation – had been adequately controlled for and were, in fact, improving.

The Complaint further alleges that on November 2, 2022, the Company updated its 2022 annual guidance to lower annual sales estimates from the range of $835 million to $845 million to an updated range of $800 million to $805 million.

Investors who purchased or otherwise acquired shares of Tandem should contact the Firm prior to the November 7, 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.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.