Endologix, Inc. (NASDAQ:ELGX) Investor Investigation Concerning Possible Securities Laws Violations Announced

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Company Name(s): 
Endologix
Affected Securities: 
NASDAQ: ELGX

November 28, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Endologix, Inc. (NASDAQ:ELGX) shares over potential securities laws violations by Endologix and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Endologix, Inc. (NASDAQ:ELGX) concerning whether a series of statements by Endologix, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Endologix, Inc. reported that its annual Total Revenue rose from $147.59 million in 2014 to $153.61 million in 2015 and that its Net Loss increased from $32.42 million in 2014 to $50.42 million in 2015.

On August 2, 2016, CEO John McDermott indicated that Endologix, Inc would seek approval of the original version of the Nellix system that was used in the Nellix investigational device exemption (IDE) clinical trial, the EVAS FORWARD-IDE Study, given that Endologix, Inc had the needed clinical data.

On November 16, 2016, Endologix, Inc announced that the FDA has requested two-year follow-up data on patients enrolled in the EVAS-FORWARD-IDE study to assess Nellix.

Shares of Endologix, Inc. (NASDAQ:ELGX) declined to as low as $6.22 per share on November 16, 2016.