Haeggquist & Eck, LLP Announces Investigation of Potential Corporate Misconduct at Avinger, Inc. in Connection with Its IPO &...
July 14 2017 - 9:00AM
Business Wire
Haeggquist & Eck, LLP, a shareholder rights litigation firm,
is investigating potential corporate misconduct at Avinger, Inc.
(“Avinger” or the “Company”) (NASDAQ: AVGR), a medical device
designer and manufacturer of products focused on treating patients
with peripheral arterial disease. The investigation includes
examination of alleged materially false and misleading statements
and omissions made in connection with the Company’s January 2015
initial public offering (“IPO”), notably concerning the Company’s
sales of its lumivascular platform products and devices, including
Pantheris. The investigation includes analysis of alleged problems
with these products and devices.
The January 2015 IPO was priced at $13.00 per share. On July 12,
2016, Avinger stated that it projected its 2016 revenue to be
roughly between $19 million to $23 million, compared to its
previous guidance estimate of $25 million to $30 million, due in
part to lower than anticipated sales of its Pantheris device.
Following this and other Company specific news, Avinger stock
dropped about 40%, from $11.43 per share to $6.89 per share.
Avinger stock has continued to trade at less than $1 per share,
trading at just $0.44 per share on July 12, 2017.
Avinger is currently subject to several securities class actions
on behalf of those persons who purchased Avinger securities
traceable to the IPO, with a reported September 5, 2017 deadline to
seek lead plaintiff appointment.
Avinger Shareholders Have Legal Options
Concerned Avinger shareholders who would like more information
about their rights and potential remedies, including remedies to
the Company from the alleged misconduct of its executives and/or
directors, may contact attorneys Amber Eck or Kathleen Herkenhoff
at 619-342-8000, ambere@haelaw.com or kathleenh@haelaw.com.
Similarly, we invite calls from former employees, whistleblowers
and/or those seeking to provide additional information that will
assist in the investigation.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20170714005061/en/
Haeggquist & Eck, LLP619-342-8000Amber Eck,
ambere@haelaw.comKathleen Herkenhoff, kathleenh@haelaw.com
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