NEW ORLEANS, Dec. 15, 2017 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Endologix, Inc. (NasdaqGS: ELGX).
On August 2, 2016, the Company issued a press release in which CEO John McDermott touted the performance of one of its devices, the Nellix EndoVascular Aneurysm Sealing System ("Nellix EVAS System"), based on results from the investigational device exemption (IDE) clinical trial, the EVAS FORWARD-IDE Study, and the Company's "confidence in its long-term potential to be a market leading device" with potential FDA approval "in the first quarter of 2017" or possibly later "into the third quarter of 2017." Then, on November 16, 2016, the Company revealed that the FDA had requested additional data for a two year period for patients registered in the IDE study. Finally, on May 17, 2017, the Company disclosed that it had abandoned FDA approval of the first generation Nellix device, but would seek approval of a second generation Nellix device, requiring a separate clinical trial and pushing the timeline for approval of Nellix to 2020.
KSF's investigation is focusing on whether Endologix's officers and/or directors breached their fiduciary duties to Endologix shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Endologix shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.