An update was announced in the lawsuit pending for certain investors in Tactile Systems Technology, Inc. (NASDAQ:TCMD).
San Diego, CA -- (SBWIRE) -- 06/24/2022 -- An update was announced in the lawsuit that is pending for certain investors in shares of Tactile Systems Technology, Inc. (NASDAQ: TCMD).
Investors who are current long term investors in Tactile Systems Technology, Inc. (NASDAQ: TCMD) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On September 29, 2020, an investor in Tactile Systems Technology, Inc. (NASDAQ: TCMD) filed a lawsuit against Tactile Systems Technology, Inc over alleged violations of Federal Securities Laws. The plaintiff alleged that the Defendants failed to disclose to investors that: while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in fact, the total addressable market for Tactile's medical devices was materially smaller, that to induce sales growth and share gains, the Company and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations, that the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of the Tactile's claims and criminal and civil liability, that Tactile's profits were in part the product of unlawful conduct and thus unsustainable; and that as a result of the foregoing, that the Company's public statements, including its year-over-year revenue growth and the purported growth drivers, were materially false and misleading at all relevant times, and that that, as a result of the foregoing, the Defendants' statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 19, 2021, an amended Complaint was filed and on June 18, 2021, the Defendants filed a Motion to Dismiss the amended Complaint.
On March 31, 2022, the Court issued an Order granting in part and denying in part the Motion to Dismiss.
Those who purchased shares of Tactile Systems Technology, Inc. (NASDAQ: TCMD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.