Robbins Arroyo LLP: Avinger, Inc. (AVGR) Misled Shareholders According to a Class Action

SAN DIEGO & REDWOOD CITY, Calif.--()--Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against Avinger, Inc. (NasdaqGM: AVGR) on behalf of all purchasers of Avinger securities pursuant to the company's initial public offering on January 30, 2015 (the "Offering"), for alleged violations of the Securities Act of 1933 by Avinger's officers and directors. Avinger, a commercial-stage medical device company, designs, manufactures, and sells image-guided and catheter-based systems used by physicians to treat patients with peripheral arterial disease ("PAD") in the United States and Europe.

View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/avinger-inc-july-2017

Avinger Accused of Submitting Misleading SEC Filings

According to the complaint, on January 30, 2015, Avinger held the Offering, selling five million shares at $13.00 per share and raising approximately $56,897,000 in net proceeds. Avinger touted its Pantheris product in the company's prospectus, stating that Pantheris "will significantly enhance our market opportunity within PAD and can expand the overall addressable market for PAD endovascular procedures." However, Avinger's filings issued in connection with the Offering failed to disclose that the company's products were not commercially viable and had reliability issues that would negatively affect sales. On July 12, 2016, Avinger announced disappointing preliminary second quarter 2016 results due to lower than expected utilization of Pantheris and implied that issues with Pantheris were negatively affecting commercialization of the product. As a result, Avinger lowered its full year revenue guidance from a range of $25 to $30 million to a range of $19 to $23 million, causing its stock to drop approximately 40%. Then, on April 10, 2017, Avinger announced that it encountered challenges with product reliability and the commercialization of its Lumivascular technology, and that it was reducing its workforce by approximately 33%. On this news, Avinger's stock fell $1.00 per share, or 62.5%, to close at $0.60 per share on April 11, 2017.

Avinger Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

Contacts

Robbins Arroyo LLP
Leonid Kandinov
(619) 525-3990 or Toll Free (800) 350-6003
LKandinov@robbinsarroyo.com
www.robbinsarroyo.com

Release Summary

Do you own shares of Avinger, Inc.? Robbins Arroyo LLP is investigating claims on behalf of shareholders of Avinger.

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Contacts

Robbins Arroyo LLP
Leonid Kandinov
(619) 525-3990 or Toll Free (800) 350-6003
LKandinov@robbinsarroyo.com
www.robbinsarroyo.com