SAN DIEGO, June 28, 2022 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announced an update in the lawsuit that is pending for certain investors in Tactile Systems Technology, Inc. (NASDAQ: TCMD) shares.
Investors, who purchased Tactile Systems Technology, Inc. (NASDAQ: TCMD) shares prior to May 7, 2018, and continue to hold any of those NASDAQ: TCMD shares, have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 30, 2020, a lawsuit was filed against Tactile Systems Technology, Inc. The plaintiff alleged that the defendants failed to disclose to investors that: while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in fact, the total addressable market for Tactile’s medical devices was materially smaller, that to induce sales growth and share gains, the Company and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations, that the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of the Tactile’s claims and criminal and civil liability, that Tactile’s profits were in part the product of unlawful conduct and thus unsustainable.
On April 19, 2021, an amended Complaint was filed and on June 18, 2021, the defendants filed a Motion to Dismiss.
On March 31, 2022, the Court issued an Order granting in part and denying in part the Motion to Dismiss.
Those who purchased Tactile Systems Technology, Inc. (NASDAQ: TCMD) shares should contact the Shareholders Foundation, Inc.
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. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
