NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Avinger, Inc. (“Avinger” or the “Company”) (NASDAQ:AVGR) of the filing of a securities lawsuit against the Company.
If you invested in Avinger stock or options pursuant to the Company’s IPO and would like to discuss your legal rights, click here: www.faruqilaw.com/AVGR. There is no cost or obligation to you.
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The lawsuit has been filed in the California Superior Court in San Mateo County on behalf of all those who purchased Avinger common stock traceable to the Company’s January 30, 2015 initial public stock offering (the “IPO”). The case, Lindsay Grotewiel vs. Avinger, Inc., et al, No. 17CIV02240 was filed on May 22, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Avinger did not have adequate sales and marketing personnel to increase sales of its lumivascular platform products and to commercialize Pantheris; (2) Avinger had already experienced problems with the robustness of its lumivascular platform devices, including Pantheris; (3) physicians and hospitals were requiring more extensive and comprehensive training and education on the benefits of Avinger’s products to convince them to adopt and implement Avinger’s lumivascular platform products compared to competing products and procedures available in the market; (4) in turn, Avinger would not be able to achieve a rapid ramp rate for increased sales of its lumivascular platform; and (5) as a result, Avinger was experiencing lower sales and revenues.
The lawsuit claims that as a result of the aforementioned, when the true details entered the market, investors suffered damages.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Avinger’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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