Intersect ENT Inc (NASDAQ: XENT) Investor Securities Class Action Lawsuit 05/15/2019

If you purchased a significant amount of shares of Intersect ENT Inc (NASDAQ: XENT) between August 1, 2018 and May 6, 2019, and / or if you purchased any NASDAQ: XENT shares prior to August 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: July 15, 2019. NASDAQ: XENT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Intersect ENT
Case Name: 
Intersect ENT Shareholder Class Action Lawsuit 05/15/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: XENT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/15/2019
Class Period Begin: 
08/01/2018
Class Period End: 
05/06/2019
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
07/15/2019
Summary: 

An investor in shares of Intersect ENT Inc (NASDAQ: XENT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Intersect ENT Inc in connection with certain allegedly false and misleading statements made between August 1, 2018 and May 6, 2019.

Commercial stage drug-device company Intersect ENT Inc conducted its initial public offering in July 2014. Shares of Intersect ENT Inc (NASDAQ: XENT) grew from $12.30 per share in August 2014 to as high as $32.44 per share in July 2015.

Menlo Pakr, CA based Intersect ENT Inc reported that its annual Total Revenue rose from $96.3 million in 2017 to $108.47 million in 2018 and that its Net Loss increased from $16.36 million in 2017 to $22.92 million in 2018

On August 1, 2018, Intersect ENT Inc disclosed that it faced certain challenges with the launch of INUVA, which had negatively impacted the Company’s second quarter 2018 financial results.
Then, on May 6, 2019, Intersect ENT Inc 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.

Shares of Intersect ENT Inc (NASDAQ: XENT) declined to as low as $24.39 per share on May 8, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Intersect ENT Inc (NASDAQ: XENT) common shares between August 1, 2018 and May 6, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 1, 2018 and May 6, 2019 Defendants failed to disclose to investors that the Company lacked adequate reimbursement representatives to ensure physicians had access to SINUVA, that, as a result, the Company’s sales force would focus on ensuring reimbursement, that, as a result, the Company’s sales representatives were less focused on driving sales, that physicians were less likely to adopt the Company’s SINUVA due to transaction costs associated with seeking reimbursement, that the Company would increase staffing to address these issues, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.