An investigation on behalf of current long term investors in Endologix, Inc. (NASDAQ:ELGX) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 05/11/2017 -- An investigation on behalf of current long-term investors in shares of Endologix, Inc. (NASDAQ:ELGX) concerning potential breaches of fiduciary duties by certain directors and officers of Endologix, Inc. was announced.
Investors who are current long term investors in Endologix, Inc. (NASDAQ:ELGX) shares, have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm for current long term investors in NASDAQ:ELGX stocks follows a lawsuit filed recently against Endologix, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:ELGX stocks, concerns whether certain Endologix officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges 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.
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 May 10, 2017, NASDAQ:EGLX shares closed at $7.33 per share.
Those who purchased shares of Endologix, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego