The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Endologix did not have the requisite clinical data for U.S. Food and Drug Administration ("FDA") premarket approval of the Nellix® EndoVascular Aneurysm Sealing System ("Nellix EVAS System"); and (2) as a result, Endologix's public statements were materially false and misleading.
Specifically, pre-market on November 16, 2016, Endologix issued a press release entitled "Endologix Provides Update on Nellix PMA Process," revealing "that the FDA requested the Company provide 2-year patient follow-up data from the EVAS-FORWARD IDE Study of the Nellix EVAS System."
After the announcement, Endologix's share price fell from $9.84 per share on November 15, 2016 to a closing price of $7.82 on November 16, 2016—a $2.02 or a 20.53% drop.
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If you invested in Endologix stock or options between August 2, 2016 and November 16, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/ELGX. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Endologix's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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