BENSALEM, Pa.–(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;–Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors who purchased Intersect ENT,
Inc. (“Intersect ENT” or the “Company”) (NASDAQ: XENT)
securities between August 1, 2018 and May 6, 2019, inclusive (the
“Class Period”). Intersect ENT investors have until July 15, 2019 to
file a lead plaintiff motion.
Investors suffering losses on their Intersect ENT investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased shares of Intersect ENT have information or would like
to learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
