SAN DIEGO, June 21, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in North Carolina on behalf of certain purchasers of shares of TransEnterix Inc (NYSEMKT:TRXC) over alleged Securities Laws Violations by TransEnterix Inc The lawsuit seeks to recover damages for certain (NYSEMKT:TRXC) investors.
Investors who have losses in excess of $100,000 from their investment between February 10, 2016 and May 10, 2016 in shares of TransEnterix Inc (NYSEMKT:TRXC) have certain options and there are short and strict deadlines running. Deadline: August 1, 2016. Those (NYSEMKT:TRXC) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
AND/OR
Investors who purchased shares of TransEnterix Inc (NYSEMKT:TRXC) prior to February 2016 might have also certain options and should also contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants allegedly failed to disclose deficiencies within the Company's 510(k) submission regarding the SurgiBot that undermined the likelihood that the SurgiBot would receive FDA clearance, which would leave the Company unable to commercialize the SurgiBot in 2016 and would impair the Company's ability to obtain approval for and commercialize its other robotic surgery platform in the United States and that as a result of these false statements and/or omissions, TransEnterix common stock traded at artificially inflated prices February 10, 2016 and May 10, 2016, reaching as high as $5.69 per share.
On April 20, 2016, TransEnterix Inc announced that the Food and Drug Administration ("FDA") notified TransEnterix Inc on April 19, 2016 of its determination that the "SurgiBot™ System does not meet the criteria for substantial equivalence based upon the data and information submitted by TransEnterix in its 510(k) submission.”
Then on May 20, 2016, TransEnterix Inc announced that it expected to have further discussion with the FDA, but currently believed that a new 510(k) submission would be required to obtain clearance, that it was reprioritizing its near-term regulatory efforts to focus on another submission, and that, as a result, it had taken actions to reduce headcount and investment related to the SurgiBot.
Those who purchased TransEnterix Inc (NYSEMKT:TRXC) shares should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.