Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Intersect ENT, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Intersect ENT, Inc. ("Intersect" or the "Company")(NASDAQ:XENT) of the July 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Intersect stock or options between August 1,2019 and May 6, 2019 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Intersect securities between August 1,2019 and May 6, 2019 (the "Class Period"). The case, Yaron v. Intersect ENT, Inc. et al., No. 19-cv-02647 was filed on May 15, 2019, and has been assigned to Judge Lucy H. Koh.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by 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.
On August 1, 2018, before the market opened, the Company disclosed that it faced certain challenges with the launch of SINUVA, which had negatively impacted the Company’s second quarter 2018 financial results. On this news, Intersect's share price fell from $32.35 per share on July 31,2018 to a closing price of $26.05 on August 1, 2018: a $6.30 or a 19.4% drop.
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, Intersect's share price fell from $33.15 per share on May 6, 2019 to a closing price of $25.10 on May 7, 2019: a $8.05 or a 24.3% drop.
Intersect ENT, Inc. (XENT)
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Filed on 05/17/2019
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