NEW YORK, May 5, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Avinger Inc. ("Avinger" or the "Company") (NASDAQ: AVGR).
The investigation focuses on whether the Company and its executives violated federal securities laws by misrepresenting the company's abilities to meet its financial goal during the Company's Initial Public Offering ("IPO") on January 30, 2015.
Specifically, on July 12, 2016, Avinger announced second quarter revenue and lowered its sales guidance for 2016 from $25-30 million to $19-23 million, citing lower than anticipated sales of its Pantheris device, an image-guided atherectomy system. On this news, Avinger's stock price decreased from a closing price of $11.43 per share on July 11, 2016 to a closing price of $6.89 per share on July 12, 2016—a 39.7% drop.
Most recently, after disappointing first quarter results were announced on May 3, 2017, the stock closed at $0.57 per share. This closing price represents a decline of over 95% from the IPO price of $13 per share.
If you invested in Avinger stock or options and would like to discuss your legal rights, click here: www.faruqilaw.com/AVGR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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