Scott+Scott Attorneys at Law LLP Announces the Filing of a Securities Class Action Against Intersect ENT, Inc. (XENT)
NEW YORK--(BUSINESS WIRE)--May 21, 2019--
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is notifying investors that a securities class action lawsuit has been filed against Intersect ENT, Inc. (“Intersect” or the “Company”) (NASDAQ: XENT) and other defendants, related to alleged violations of federal securities laws. On news that the Company faced challenges with the launch of SINUVA, a sinus implant used to treat patients who had previously undergone sinus surgery yet continue to suffer, Intersect’s share price fell $6.30, or nearly 20%, to close at $26.05 on August 1, 2018. Thereafter, Intersect’s stock dropped again on news that the Company experienced a first quarter 2019 loss of $10.8 million, lowered its guidance for the remainder of 2019, and that its longtime CEO was resigning.
If you purchased Intersect stock between August 1, 2018 and May 6, 2019, you are encouraged to contact Jonathan Zimmerman at (888) 398-9312 for more information.
Intersect is a commercial drug delivery company that purports to develop products for patients with ear, nose and throat conditions.
According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically: (1) the Company lacked adequate reimbursement representatives to ensure physicians had access to SINUVA; (2) that, as a result, the Company’s sales force would focus on ensuring reimbursement; (3) that, as a result, the Company’s sales representatives were less focused on driving sales; (4) that physicians were less likely to adopt the Company’s SINUVA due to transaction costs associated with seeking reimbursement; (5) that the Company would increase staffing to address these issues; and (6) that, 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.
What You Can Do
If you purchased Intersect shares between August 1, 2018 and May 6, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Jonathan Zimmerman at (888) 398-9312, or at firstname.lastname@example.org, or visit the Intersect page on our website at https://scott-scott.com/case/intersect-ent-inc/. The lead plaintiff deadline is July 15, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT: Jonathan Zimmerman
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, NY, NY 10169
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Scott+Scott Attorneys at Law LLP
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PUB: 05/21/2019 10:12 AM/DISC: 05/21/2019 10:12 AM