Glancy Prongay & Murray LLP Files Securities Class Action on Behalf of Intersect ENT, Inc. Investors (XENT)
LOS ANGELES--(BUSINESS WIRE)--May 15, 2019--
Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Yaron v. Intersect ENT, Inc. et al., (Case No. 3:19-cv-02647), on behalf of persons and entities that purchased or otherwise acquired Intersect ENT, Inc. (NASDAQ: XENT ) (“Intersect ENT” or the “Company”) securities between August 1, 2018 and May 6, 2019, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.
If you are a shareholder who suffered a loss, click here to participate.
On August 1, 2018, the Company disclosed that it faced certain challenges with the launch of INUVA, which had negatively impacted the Company’s second quarter 2018 financial results.
On this news, the Company’s share price fell $6.30, nearly 20%, to close at $26.05 per share on August 1, 2018, on unusually heavy trading volume.
Then, on May 6, 2019, the Company disclosed a first quarter 2019 loss of $10.8 million and lowered guidance for the remainder of 2019. The Company also reported that Earnhardt, the Company’s CEO of 11 years, resigned.
On this news, the Company’s share price fell $8.05, or more than 25%, to close at $25.10 per share on May 7, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company lacked adequate reimbursement representatives to ensure physicians had access to SINUVA; (2) that, as a result, the Company’s sales force would focus on ensuring reimbursement; (3) that, as a result, the Company’s sales representatives were less focused on driving sales; (4) that physicians were less likely to adopt the Company’s SINUVA due to transaction costs associated with seeking reimbursement; (5) that the Company would increase staffing to address these issues; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Intersect ENT securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190515006059/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2019.
PUB: 05/15/2019 07:38 PM/DISC: 05/15/2019 07:38 PM