New York, New York--(Newsfile Corp. - September 26, 2024) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Paragon 28, Inc. (NYSE: FNA) resulting from allegations that Paragon 28 may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Paragon 28 securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=27557 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On July 30, 2024, after the market closed, Paragon 28 filed a current report on Form 8-K with the SEC disclosing that "the Company's previously issued audited consolidated financial statements for the fiscal year ended December 31, 2023, contained within the Annual Report on Form 10-K for that year . . . and the unaudited condensed consolidated financial statements contained within the Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024 should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required."
On this news, Paragon 28's stock fell $1.24 per share, or 13.7%, to close at $7.79 per share on July 31, 2024.
Then, on August 8, 2024, the Company issued a press release announcing its financial results for the second quarter of 2024. In it, the Company issued revised full-year revenue guidance of $249 million to $255 million, down from a previous range of $249 million to $259 million. The Company also announced the implementation of an "operational efficiency strategy" that involved a 7% reduction in workforce, an "inventory burn-down", and a "[o]ne-time realignment of executive compensation for 2024."
On this news, Paragon 28's stock fell $1.67 per share, or 20.1%, to close at $6.64 per share on August 9, 2024.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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