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DHR.US
id: 781

Danaher Corporation (DHR) COVID-19 Revenue Projections Case

D. District Columbia
Court
1:23-cv-02055
Case number
21 Apr 2022
Class period Start
24 Apr 2023
Class period End
15 Sept 2023
Lead Plaintiff motion deadline
On 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:
  1. as the severity of the COVID-19 pandemic subsided, revenue growth associated with Danaher’s COVID-19-related businesses was declining;
  2. 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;
  3. accordingly, Danaher overstated the Company’s ability to sustain the growth it had experienced in 2020 and 2021;
  4. 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.
Case Status
Lead Plaintiff Appointed
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
Collecting participants…

Danaher Corporation

Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services worldwide. The Biotechnology segments offers bioprocess technologies, ...

    Ticker
    DHR.US
    ISIN
    US2358511028
    CIK
    313616
    Sector
    Healthcare
    Industry
    Diagnostics & Research
    Country
    USA
    Address
    2200 Pennsylvania Avenue, North West, Washington, DC, United States, 20037-1701