NEW YORK, NY / ACCESSWIRE / May 30, 2019 / 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, click here: www.faruqilaw.com/XENT. 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 rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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 making 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.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Intersect's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE: Faruqi & Faruqi, LLP
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