Globe Newswire 13-Jul-2019 12:00 PM
PHILADELPHIA, July 13, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Intersect ENT, Inc. ("Intersect" or the "Company") (NASDAQ:XENT) on behalf of investors who purchased shares of the Company's common stock between August 1, 2018 and May 6, 2019, inclusive (the "Class Period").
IMPORTANT DEADLINE: Investors who purchased Intersect's shares during the Class Period may, no later than July 15, 2019, seek to be appointed as a lead plaintiff representative of the class.
Intersect investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at email@example.com, to discuss this action and their legal rights and options. Additional information may also be found at http://kaskelalaw.com/case/intersect-ent-inc/.
The shareholder class action complaint alleges that Intersect issued a series of false and misleading statements to investors during the Class Period, and failed to disclose: (i) that the Company lacked adequate reimbursement representatives to ensure physicians had access to SINUVA; (ii) that, as a result, the Company's sales force would focus on ensuring reimbursement; (iii) that, as a result, the Company's sales representatives were less focused on driving sales; (iv) that physicians were less likely to adopt the Company's SINUVA due to transaction costs associated with seeking reimbursement; and (iv) that the Company would increase staffing to address these issues.
On May 6, 2019, Intersect reported a quarterly loss of $10.8 million, lowered its revenue guidance for fiscal 2019, and disclosed that that its long-time Chief Executive Officer would be resigning. Following this news, shares of the Company's stock declined $8.05 per share, or nearly 25% in value, to close on May 7, 2019 at $25.10 per share.
Intersect investors who suffered a loss investing in the Company's securities are encouraged to contact Kaskela Law LLC prior to the July 15, 2019 deadline to discuss this action and their legal rights and options. Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.