Robbins Arroyo LLP: AxoGen, Inc. (AXGN) Misled Shareholders According to Class Action
SAN DIEGO & ALACHUA, Fla.--(BUSINESS WIRE)--Jan 15, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of AxoGen, Inc. (NASDAQ: AXGN) filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1933 and Securities Act of 1934 pursuant to the company’s November 2017 SPO and/or May 2018 SPO and/or between August 7, 2017 and December 18, 2018. AxoGen develops and markets surgical solutions for peripheral nerves.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/axogen-inc/
AxoGen Accused of Overstating Active Accounts and Backdating Revenue
According to the complaint, AxoGen held its SPOs in November 2017 and May 2018, and generated almost $150 million in gross proceeds based on misleading offering documents. On December 18, 2018, Seligman Investments published a report stating, among other things, that former employees allege channel stuffing and backdating of revenue, that the number of active accounts may be overstated by a factor of ten, that AxoGen’s “growth is driven by unsustainable, aggressive price increases,” and that the payments to physicians relative to revenue creates “elevated risks relating to pay-to-play and anti-kickback laws.” Since the truth emerged, AxoGen’s stock has declined almost 40%.
AxoGen Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190115005681/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 01/15/2019 12:02 PM/DISC: 01/15/2019 12:02 PM