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DHR.US
id: 781, Created by Stan Vick, Scout
Danaher Corporation (DHR) COVID-19 Revenue Projections Case
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D. District Columbia
Court1:23-cv-02055
Case numberOn April 25, 2023, Danaher Corporation (DHR) announced its financial results for Q1 2023. Among other things, Danaher reported that “revenues 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 “for 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.
On this news, $DHR fell 8.79%, damaging investors.
Taking all representations into account, investors have reasons to suspect the Company and its Leaders of misleading and financial misrepresentation regarding the Company’s business, operations, and prospects, specifically:
- as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher’s COVID-19-related businesses was declining;
- 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;
- accordingly, Danaher overstated the Company’s ability to sustain the growth it had experienced in 2020 and 2021;
- as a result, it was unlikely that Danaher would be able to meet its 2023 revenue forecasts;
As a result, the public statements were materially false and/or misleading.
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
25 April 2023
Filing date
17 July 2023
Lead Plaintiff Deadline
15 September 2023