SAN DIEGO, July 07, 2017 (GLOBE NEWSWIRE) -- Bottini & Bottini, Inc., a law firm specializing in securities litigation, announces that it has filed a class-action lawsuit on behalf of all persons who purchased the common stock of Avinger, Inc. (“Avinger”) (NASDAQ:AVGR) pursuant to the Registration Statement and Prospectus issued in connection with Avinger’s initial public offering (“IPO”). The lawsuit—pending in the United States District Court for the Northern District of California—seeks to recover damages under the federal securities laws for those who purchased or otherwise acquired Avinger’s stock pursuant or traceable to its January 30, 2015 IPO.
Purchasers of Avinger securities who wish to serve as lead plaintiff in this lawsuit must apply to the court for lead-plaintiff appointment no later than September 5, 2017. If you purchased Avinger’s stock in connection with its IPO and suffered losses, please contact plaintiff’s counsel, Albert Y. Chang of Bottini & Bottini, at (858) 914-2001 or achang@bottinilaw.com, to discuss your rights and interests in this lawsuit. You can also go to Bottini & Bottini’s website (http://www.bottinilaw.com) for more information.
The lawsuit charges that Avinger, certain of its directors and officers, and underwriters of its IPO violated Sections 11, 12, and 15 of the Securities Act of 1933. Defendants priced Avinger’s IPO for the issuance of 5,000,000 shares of stock at $13.00 per share. The lawsuit alleges that the IPO Registration Statement and Prospectus materially and falsely failed to disclose that: (1) Avinger lacked adequate personnel to increase sales of its lumivascular-platform products and to commercialize Pantheris; (2) Avinger experienced problems with the robustness of its lumivascular-platform devices (including Pantheris); (3) physicians and hospitals were requiring more extensive training concerning Avinger’s products as compared to competing products; (4) Avinger would not be able to rapidly ramp up sales of its lumivascular platform; and (5) as a result, Avinger experienced lower than expected sales and revenues.
On July 12, 2016, during an earnings conference call management attributed disappointing financial results to Avinger’s continued problems with the robustness and safety profile of its Pantheris device. This news drove the price of Avinger shares down $4.54, or nearly 40%, to close at $6.89 on July 13, 2016.
If you wish to join the litigation or discuss your interests in this lawsuit, contact Albert Y. Chang of Bottini & Bottini at (858) 914-2001 or achang@bottinilaw.com.