Embecta Corp. misrepresented demand for the needles it makes for insulin pens, leading to a recent 58% stock drop on disappointing financials, an investor alleges.
Embecta and its top executives “continuously reaffirmed guidance and frequently touted Embecta’s pen needle segment as ‘resolute,’ while failing to consider the impact of patients not on payer plans,” Harrison Apitz-Grossman says. He filed his proposed class action Wednesday in the US District Court for the District of New Jersey.
On May 5, the device maker released second-quarter results that it called “significantly below our expectations,” according to the complaint. It also revised guidance for ...