Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces that a class action lawsuit has been filed against electroCore, Inc. (“electroCore” or the “Company”) (NASDAQ: ECOR) and certain of its officers and directors, alleging violations of federal securities laws. If you purchased electroCore stock in the Company’s June 2018 initial public offering (“IPO”), or between June 22, 2018 and September 25, 2019, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at (844) 818-6982 for more information. The lead plaintiff deadline is November 25, 2019.
The lawsuits allege that Defendants misled investors by failing to disclose material facts about electroCore’s business, operations, and prospects. Specifically: (1) that the Company’s lead product, gammaCore, did not enjoy any advantages over the other acute treatments for migraines and episodic cluster headaches; (2) that, as a result, doctors and patients were unlikely to adopt gammaCore over existing treatments; (3) that the Company’s voucher program was not effective to increase adoption of gammaCore; (4) that the Company lacked sufficient resources to successfully commercialize gammaCore; (5) that the Company’s business plan and strategy was not sustainable because electroCore lacked sufficient revenue to be profitable; (6) that the Company’s product registry and efforts were ineffective to initiate reimbursement policies by commercial payors for gammaCore; (7) that the lack of reimbursement would materially impact adoption and sales of gammaCore; (8) that the Company lacked sufficient clinical data demonstrating that gammaCore was effective and safe for migraine prevention; (9) that, as a result, the Company’s 510(k) submission for the use of gammaCore for migraine prevention was unlikely to be approved by the FDA; and (10) 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.
In June 2018, electroCore sold 5.2 million shares of its common stock in its IPO at $15.00 per share.
On September 25, 2019, electroCore revealed that FDA requested more information and analysis of clinical data for electroCore’s 510(k) submission.
On this news, the Company’s share price fell $0.79, over 23%, to close at $2.57 per share on September 25, 2019.
What You Can Do
If you purchased electroCore stock pursuant and/or traceable to its June 2018 IPO, between June 22, 2018 and September 25, 2019, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982, or at jpettigrew@scott-scott.com, or visit the electroCore page on our website https://scott-scott.com/case/electrocore-inc/.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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