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LOS ANGELES, July 10, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming July 15, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Intersect ENT, Inc. (“Intersect ENT” or the “Company”) (NASDAQ: XENT) investors who purchased securities between August 1, 2018 and May 6, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
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.
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If you purchased or otherwise acquired Intersect ENT securities during the Class Period you may move the Court no later than July 15, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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.
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