DHR INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims on Behalf Danaher Corporation (NYSE: DHR) Shareholders
NEWTOWN, PA, August 3, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Danaher Corporation (“Danaher”) (NYSE: DHR) common stock between April 21, 2022, and April 24, 2023, both dates inclusive (the “Class Period”).
Investors who purchased Danaher common stock may move the U.S. District Court for the District of Columbia to appoint them as lead plaintiff, no later than September 15, 2023. Current holders of DHR stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Danaher Corporation
Danaher, a diverse multinational conglomerate headquartered in Washington, D.C., specializes in the design, manufacture, and marketing of medical, industrial, and commercial products and services. The company operates within four distinct segments: Biotechnology, Life Sciences, Diagnostics, and Environmental & Applied Solutions.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or material omissions regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher’s COVID-19-related businesses was declining; (ii) 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; (iii) Danaher overstated the Company’s ability to sustain the growth it had experienced in 2020 and 2021; and (iv) as a result, it was unlikely that Danaher would be able to meet in 2023 revenue forecasts.
On April 25, 2023, Danaher released its financial results for the first quarter of 2023, which revealed that the company’s revenue had declined by 7.0%. The decrease in non-GAAP core revenue was attributed to the reduction in COVID-19-related revenue, which amounted to 4.0%. However, Danaher reported 6.0% non-GAAP base business core revenue growth. Defendants projected that non-GAAP base business core revenue growth would increase mid-single digits year-over-year in the second quarter and full year 2023, which was below previous projections of high-single-digit growth. This announcement contradicted Danaher’s prior assurances that non-COVID-19-related businesses’ revenues would compensate for the negative results. On this news, Danaher’s stock price fell $22.36 per share, or 8.79%, to close at $231.99 per share on April 25, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and data breaches.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.