A lawsuit was filed on behalf of investors in Endologix, Inc. (NASDAQ:ELGX) shares over alleged securities laws violations and NASDAQ:ELGX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/09/2017 -- An investor, who purchased shares of Endologix, Inc. (NASDAQ:ELGX), filed a lawsuit in California over alleged Securities Laws violations by Endologix, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Endologix, Inc. (NASDAQ:ELGX) have certain options and for certain investors are short and strict deadlines running. Deadline: March 6, 2017. NASDAQ:ELGX investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims 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.
Endologix, Inc. reported that its annual Total Revenue rose from $147.59 million in 2014 to $153.61 million in 2015 and that its Net Loss increased from $32.42 million in 2014 to $50.42 million in 2015.
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, NASDAQ:ELGX shares closed at $5.70 per share.
Those who purchased shares of Endologix, Inc. ave certain options and should contact the Shareholders Foundation.
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