Oakland County Employees’ Retirement System and Oakland County Voluntary Employees’ Beneficiary Association v. DexCom, Inc.

On November 10, 2025, Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) filed a class action in the U.S. District Court for the Southern District of New York alleging violations of the federal securities laws by DexCom, Inc. (“Dexcom” or the “Company”) and certain of the Company’s current senior executives (collectively, “Defendants”).  The action is brought on behalf of all investors who purchased or otherwise acquired Dexcom common stock between January 8, 2024, and September 17, 2025, inclusive (the “Class Period”).

On January 21, 2026, the Court appointed Union Asset Management Holding AG as Lead Plaintiff and BLB&G as Lead Counsel.  On April 10, 2026, Lead Plaintiff, through its counsel BLB&G, filed an Amended Consolidated Class Action Complaint (“Amended Complaint”), for violations of federal securities laws. The Amended Complaint is based on an extensive investigation and a careful evaluation of the merits of this case.  To view the Amended Complaint, see the Case Documents section of this page.

Dexcom’s Alleged Fraud

Dexcom is a medical device company focused on the design and manufacture of continuous glucose monitoring (“CGM”) devices, which are used by diabetes patients to monitor their glucose levels.  The CGM devices are composed of a small sensor that is inserted under the skin and a connected reusable transmitter, which sends real-time data to a smart device or receiver.  Dexcom’s latest CGM, the G7, was launched in early 2023 as a purported upgrade over the prior G6 model.

The claims against Dexcom and certain of its executives arise from misrepresentations relating to the accuracy and reliability of the G7 device.  Throughout the Class Period, Dexcom repeatedly stated that the G7 was the “most accurate” sensor on the market and credited this performance with Dexcom’s success.  In truth, the G7 suffered from significant accuracy issues stemming from a change that Dexcom made to the coating of the G7 sensors in December of 2023, without informing the FDA or obtaining the requisite pre-market approval for such a change. Unbeknownst to investors, during inspections of Dexcom’s manufacturing facilities in 2024, the FDA uncovered the unapproved change and a host of additional quality control violations that undermined Dexcom’s claims about the G7’s accuracy. The FDA inspection documents documented that sensors with the new, unapproved, coating performed worse on “every accuracy metric” and that patients using sensors with this coating “may experience differences in accuracy over the 10.5-day sensor wear period.”  

The truth began to emerge on July 25, 2024, when Dexcom announced its second quarter 2024 results, disclosing that it missed its sales target for the quarter by 3% and lowering its revenue guidance for the full year.  Plaintiffs’ investigation demonstrates that a key driver of this revenue miss was that Dexcom was losing market share because of quality issues with the G7.  As a result of this disclosure, the price of Dexcom’s shares declined by $45.35 per share, or 42%.  Following the July 2024 earnings announcement, Dexcom continued to state that the G7 was “the most accurate” sensor cleared by the FDA and emphasize the “higher quality of our product” as a source of the company’s competitive advantage.

Then, on March 7, 2025, Dexcom revealed that it had received a warning letter from the FDA citing deficiencies in the Company’s manufacturing processes and quality management systems.  On March 25, 2025, the FDA published the contents of the Warning Letter, which revealed that Dexcom was selling “adulterated” CGMs, as the Company had changed a coating on the G7 sensors without proper regulatory clearance, as well as other unaddressed quality control violations.  Then, on August 25, 2025, an industry survey of suppliers of durable medical equipment revealed additional quality issues with the G7. Each of these disclosures was accompanied by sharp declines in Dexcom’s stock price, causing significant damage to investors.

The truth was fully revealed on September 18, 2025, when research firm Hunterbrook Media LLC (“Hunterbrook”) published a report detailing accounts of G7 users being hospitalized or dying due to incorrect blood glucose readings from their G7 devices.  Hunterbrook also analyzed adverse event reports submitted to the FDA’s MAUDE database and found a dramatic spike in the frequency of customer complains about the accuracy of the G7 following its adulteration with the new sensor material in December 2023. Lead Plaintiff’s own investigation confirmed this uptick in complaints.  Over the following two trading sessions, the Company’s share price declined by $8.99 per share, or 12%.  

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Scott R. Foglietta of BLB&G at 212-554-1903, or via e-mail at scott.foglietta@blbglaw.com.