LOS ANGELES–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24XENT&src=ctag” target=”_blank”gt;$XENTlt;/agt; lt;a href=”https://twitter.com/hashtag/CLASSACTION?src=hash” target=”_blank”gt;#CLASSACTIONlt;/agt;–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 [email protected],
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.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
