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NEW YORK, May 17, 2019 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Intersect ENT, Inc. (“Intersect ENT” or the “Company”) (Nasdaq: XENT) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Intersect ENT between August 1, 2018 through May 6, 2019, inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Intersect ENT lacked adequate reimbursement representatives to ensure physicians had access to SINUVA, Intersect ENT’s sinus implant; (2) Intersect ENT’s sales force would focus on ensuring reimbursement; (3) Intersect ENT’s sales representatives were less focused on driving sales; (4) physicians were less likely to adopt Intersect ENT’s SINUVA due to transaction costs associated with seeking reimbursement; (5) Intersect ENT would increase staffing to address these issues; and (6) as a result of the foregoing, Defendants’ positive statements about Intersect ENT’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the July 15, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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