Robbins Arroyo LLP: Endologix, Inc. (ELGX) Misled Shareholders According to a Recently Filed Class Action
January 09 2017 - 4:36PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Endologix, Inc. (NASDAQGS:
ELGX) in the U.S. District Court for the Central District of
California. The complaint is brought on behalf of all purchasers of
Endologix securities between August 2, 2016 and November 16, 2016,
for alleged violations of the Securities Exchange Act of 1934 by
Endologix's officers and directors. Endologix develops,
manufactures, markets, and sells medical devices for the treatment
of abdominal aortic aneurysms in the United States and
internationally. One of the company's products, built on the
platform of endovascular sealing ("EVAS"), is known as the Nellix
EndoVascular Aneurysm Sealing System ("Nellix EVAS System").
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/endologix-inc
Endologix Accused of Misleading Investors About Its
Product
According to the complaint, on August 2, 2016, Endologix
officials projected an optimistic outlook for the Nellix EVAS
System in a conference call with investors, stating, "We remain
very positive about the likelihood of approval [for Nellix EVAS
System] and the significant growth we expect to drive with Nellix."
Endologix also submitted a series of filings with the U.S.
Securities and Exchange Commission attesting to the accuracy of
financial reporting and the disclosure of all fraud. On November 1,
2016, Endologix touted its promising interaction with the U.S. Food
and Drug Administration ("FDA"), stating that the company has "had
a positive discussion so far."
However, the complaint alleges that Endologix officials failed
to disclose that the company did not have the requisite clinical
data for FDA premarket approval of the Nellix EVAS System. On
November 16, 2016, Endologix issued a press release revealing that
the FDA requested that the company provide two-year patient
follow-up data from the EVAS-FORWARD IDE Study of the Nellix EVAS
System. On this news, Endologix's stock fell $2.02 per share, or
over 20.5%, to close at $7.82 per share on November 16, 2016.
Endologix Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the
shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves and the companies in which they
have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109006377/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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