INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against AxoGen, Inc. & Encou...
February 02 2019 - 2:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Middle District of Florida on behalf of those who acquired AxoGen,
Inc. (“AxoGen” or the “Company”) (NASDAQ: AXGN) securities during
the period from August 7, 2017 through December 18, 2018 (the
“Class Period”). Investors have until March 11, 2019 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that AxoGen failed to disclose that: (i) the
Company aggressively increased prices to mask lower sales; (ii) the
Company’s pricing alienated customers and threatened the Company’s
future growth; (iii) the Company was dependent on a small number of
surgeons whom the Company paid to generate sales; (iv) the Company
offered purchase incentives to sales representatives to encourage
channel stuffing; (v) the Company’s sales representatives were
encouraged to backdate revenue to artificially inflate metrics; and
(vi) the Company’s key operating metrics, such as number of active
accounts, were overstated.
Following the publication of a report by Seligman Investments
alleging channel stuffing and the overstatement of active accounts,
the price of AxoGen shares fell by $6.17, or approximately 22.4%,
to close at $21.36 on December 18, 2018.
If you acquired AxoGen securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by
email at investigations@kmllp.com, or by filling out this contact
form, to discuss your rights or interests with respect to these
matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20190202005005/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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