electroCore Announces Acceptance of Motion to Dismiss in the Federal Court Securities Class Action Suit

Rockaway, New Jersey, UNITED STATES


ROCKAWAY, NJ, Oct. 07, 2021 (GLOBE NEWSWIRE) -- electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic medicine company, announced the granting of the company’s motion to dismiss the federal court securities class action case filed in Trenton, NJ. On August 13, 2021, New Jersey Federal District Court Judge Anne E. Thompson dismissed the investors' complaint alleging that statements made in the registration statement for the company’s initial public offering in 2018, and public statements made subsequent to the company’s 2018 IPO, were false and misleading in violation of federal securities laws. In a detailed opinion, Judge Thompson considered each of the plaintiffs’ allegations of misrepresentations and omissions and held that the plaintiffs have not adequately presented arguments for any alleged untrue statements or that any allegedly omitted information rendered any factual statement untrue. Judge Thompson also found that the plaintiffs have failed to adequately allege that electroCore intended to mislead or omit information. In response, the plaintiffs filed an amended complaint on October 4, 2021.

This strong decision follows the dismissal with prejudice by a New Jersey trial court of a prior action alleging securities law violations in connection with the IPO. That dismissal is currently on appeal by the plaintiffs in the case and was argued before a three-judge panel of the Appellate Division of the New Jersey Superior Court on September 27, 2021.

About electroCore, Inc.
electroCore, Inc. is a commercial stage bioelectronic medicine company dedicated to improving patient outcomes through its non-invasive vagus nerve stimulation therapy platform, initially focused on the treatment of multiple conditions in neurology. The company's current indications are the preventive treatment of cluster headache and migraine, the acute treatment of migraine and episodic cluster headache, the acute and preventive treatment of migraines in adolescents, and paroxysmal hemicrania and hemicrania continua in adults.

For more information, visit www.electrocore.com.

Forward-Looking Statements
This press release and other written and oral statements made by representatives of electroCore may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about electroCore's business prospects and clinical and product development plans; its pipeline or potential markets for its technologies; the timing, outcome and impact of regulatory, legal, clinical and commercial developments; the availability and impact of payer coverage, the potential of nVNS generally and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "believes," "intends," other words of similar meaning, derivations of such words and the use of future dates. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the ability to raise the additional funding needed to continue to pursue electroCore’s business and product development plans, the inherent uncertainties associated with developing new products or technologies, the ability to commercialize gammaCore™, the potential impact and effects of COVID-19 on the business of electroCore, electroCore’s results of operations and financial performance, and any measures electroCore has and may take in response to COVID-19 and any expectations electroCore may have with respect thereto, competition in the industry in which electroCore operates and overall market conditions. Any forward-looking statements are made as of the date of this press release, and electroCore assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents electroCore files with the SEC available at www.sec.gov.

 

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