An investigation on behalf of investors in Endologix, Inc. (NASDAQ:ELGX) shares over potential wrongdoing at Endologix, Inc. was announced and NASDAQ:ELGX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/19/2017 -- The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Endologix, Inc. (NASDAQ:ELGX) was launched over potential breaches of fiduciary duties by certain officers and directors at Endologix.
Investors who purchased shares of Endologix, Inc. (NASDAQ:ELGX) and currently hold any of those (NASDAQ:ELGX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain Endologix, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
On August 2, 2016, CEO John McDermott indicated that Endologix, Inc would seek approval of the original version of the Nellix system that was used in the Nellix investigational device exemption (IDE) clinical trial, the EVAS FORWARD-IDE Study, given that Endologix, Inc had the needed clinical data.
On November 16, 2016, Endologix, Inc announced that the FDA has requested two-year follow-up data on patients enrolled in the EVAS-FORWARD-IDE study to assess Nellix. Shares of Endologix, Inc. (NASDAQ:ELGX) declined to as low as $6.22 per share on November 16, 2016.
On December 27, 2016, Endologix, Inc announced a temporary hold on shipments of its AFX® Endovascular AAA System to complete an investigation of a manufacturing issue with some sizes of the device. Shares of Endologix, Inc. (NASDAQ:ELGX) declined to as low as $4.78 per share on December 28, 2016.
On January 3, 2017, a lawsuit was filed against Endologix, Inc. over alleged securities laws violations. The plaintiff claimed that the Defendants made false and/or misleading statements and/or failed to disclose that Endologix did not have the requisite clinical data for FDA premarket approval of its Nellix® EndoVascular Aneurysm Sealing System, and that as a result, Endologix's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Endologix, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com