NEW YORK, May 21, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Intersect ENT, Inc. (“Intersect ENT” or the “Company”) (Nasdaq: XENT) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Intersect ENT between August 1, 2018 through May 6, 2019, inclusive (the “Class Period”).
Investors who purchased the shares of Intersect ENT, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Intersect ENT, Inc., you may, no later than July 15, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Intersect ENT, Inc.
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The filed Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- Intersect ENT lacked adequate reimbursement representatives to ensure physicians had access to SINUVA, Intersect ENT’s sinus implant;
- Intersect ENT’s sales force would focus on ensuring reimbursement;
- Intersect ENT’s sales representatives were less focused on driving sales;
- Physicians were less likely to adopt Intersect ENT’s SINUVA due to transaction costs associated with seeking reimbursement;
- Intersect ENT would increase staffing to address these issues; and
- as a result of the foregoing, Defendants’ positive statements about Intersect ENT’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 1, 2018, the Company disclosed that it faced certain challenges with the launch of INUVA, which had negatively impacted the Company’s second quarter 2018 financial results. On this news, the Company’s share price fell $6.30, nearly 20%, to close at $26.05 per share on August 1, 2018, on unusually heavy trading volume.
Then, on May 6, 2019, the Company disclosed a first quarter 2019 loss of $10.8 million and lowered guidance for the remainder of 2019. The Company also reported that Earnhardt, the Company’s CEO of 11 years, resigned. On this news, the Company’s share price fell $8.05, or more than 25%, to close at $25.10 per share on May 7, 2019.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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