NEW YORK, Oct. 1, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of shareholders of electroCore, Inc. ("electroCore" or
the "Company") (NASDAQ: ECOR) between June
19, 2018, and September 25,
2019, inclusive (the "Class Period"). The lawsuit filed in
the United States District Court
for the District of New Jersey
seeks to recover damages for electroCore investors under the
Securities Act of 1933 and the Securities Exchange Act of 1934.
If you purchased electroCore securities, and/or would like to
discuss your legal rights and options please visit electroCore
Shareholder Class Action or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than November 25, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you choose to take no action, you may remain an absent class
member.
The complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company's business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (1) that the Company's
lead product, gammaCore, did not enjoy any advantages over other
acute treatments for migraines and episodic cluster headaches; (2)
that, as a result, doctors and patients were unlikely to adopt
gammaCore over existing treatments; (3) that the Company's voucher
program was not effective to increase adoption of gammaCore; (4)
that the Company lacked sufficient resources to successfully
commercialize gammaCore; (5) that the Company's business plan and
strategy was not sustainable because electroCore lacked sufficient
revenue to be profitable; (6) that the Company's product registry
and efforts were ineffective to initiate reimbursement policies by
commercial payors for gammaCore; (7) that the lack of reimbursement
would materially impact adoption and sales of gammaCore; (8) that
the Company lacked sufficient clinical data demonstrating that
gammaCore was effective and safe for migraine prevention; (9) that,
as a result, the Company's 510(k) submission for the use of
gammaCore for migraine prevention was unlikely to be approved by
the FDA; and (10) that, as a result of the foregoing, Defendants'
positive statements about the Company's business, operations, and
prospects, were materially misleading and/or lacked a reasonable
basis.
On May 14, 2019, the Company
announced first quarter 2019 financial results that fell short of
investors' expectations, reporting $410,000 net sales and operating loss of
$14.2 million. On this news, the
Company's share price fell $1.58,
nearly 29%, to close at $3.75 per
share on May 15, 2019, thereby
injuring investors. Then, on September 25,
2019, the Company revealed that the U.S. Food and Drug
Administration requested more information and analysis of clinical
data for electroCore's 510(k) submission, which seeks an expanded
indication for the use of gammaCore, the Company's treatment for
pain associated with episodic cluster headache.
On this news, the Company's share price fell $0.79, over 23%, to close at $2.57 per share on September 25, 2019, thereby injuring investors
further. By the commencement of this action, electroCore stock was
trading as low as $1.25 per share, a
nearly 92% decline from the $15 per
share IPO price.
If you purchased electroCore securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/electrocoreincorporated-ecor-shareholder-class-action-lawsuit-stock-fraud-192/apply
or contact Matthew E. Guarnero
toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
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Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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