SAN FRANCISCO, June 20, 2017 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP alerts investors in Avinger, Inc. (NASDAQ: AVGR) to the securities class action pending in Superior Court of the State of California for the County of San Mateo.
If you purchased or otherwise acquired common stock of AVGR pursuant and/or traceable to the Company's initial public offering on or about January 30, 2015 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing AVGR@hbsslaw.com.
On or about January 30, 2015, Defendants priced the Company's initial public offering ("IPO") for the issuance of 5 million shares at $13.00 per share.
The lawsuit alleges that the IPO Registration Statement and Prospectus materially and falsely and/or failed to disclose that (1) Avinger lacked adequate sales and marketing personnel to increase sales of its lumivascular platform products and to commercialize Pantheris, (2) Avinger already experienced problems with the robustness of its lumivascular platform devices (including Pantheris), (3) physicians and hospitals were requiring more extensive and comprehensive training concerning the Company's products as compared to competing products, (4) Avinger would not be able to rapidly ramp sales of its lumivascular platform, and (5) as a result, Avinger experienced lower than expected sales and revenues.
On July 12, 2016, during an earnings conference call management attributed disappointing financial results to Avinger's continued problems with the robustness and safety profile of its Pantheris device. This news drove the price of Avinger shares down $4.54, or nearly 40%, to close at $6.89 on July 13, 2016.
"Among other things, we're focused on is whether before the IPO Avinger terminated the personnel necessary to the Company's success without sufficiently informing investors," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Avinger should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email AVGR@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP