NEW YORK, May 17, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announced that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Intersect ENT, Inc. ("Intersect ENT," "XENT" or the "Company) (NASDAQ: XENT) between August 1, 2018, and May 6, 2019, both dates inclusive (the "Class Period"). The lawsuit, filed in the United States District Court for the Northern District of California, seeks to recover damages for Intersect ENT investors under the Securities Exchange Act of 1934.
If you purchased XENT securities, and/or would like to discuss your legal rights and options, please visit Intersect ENT Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or firstname.lastname@example.org.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclosed that (1) Intersect ENT lacked adequate reimbursement representatives to ensure physicians had access to SINUVA; (2) Intersect ENT's sales force would focus on ensuring reimbursement; (3) Intersect ENT's sales representatives were less focused on driving sales; (4) physicians were less likely to adopt Intersect ENT's SINUVA due to transaction costs associated with seeking reimbursement; (5) the Company would increase staffing to address these issues; and (6) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
On August 1, 2018, before the market opened, the Company disclosed that it faced certain challenges with the launch of SINUVA, which had negatively impacted the Company's second quarter 2018 financial results. On this news, the Company's share price fell $6.30, nearly 20% to close at $26.05 per share on August 1, 2018.
On May 6, 2019, the Company disclosed a first quarter 2019 loss of $10.8 million and lowered guidance for the remainder of 2019. The Company also reported that Lisa Earnhardt, Intersect ENT's Chief Executive Officer of 11 years, resigned. On this news, Intersect ENT's share price fell $8.05, or more than 25%, to close at $25.10 per share on May 7, 2019.
If you wish to serve as lead plaintiff in the Intersect ENT class action, you must move the court no later than July 15, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you take no action, you may remain an absent class member.
If you purchased XENT securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/intersectent-xent-class-action-lawsuit-fraud-stock-132/ or contact Joe Seidman toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP