SAN DIEGO, June 23, 2019 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP with the assistance of former California Deputy Attorney General and Special Counsel, Tiffany Johnson, Esq., is investigating potential claims against electroCore, Inc. ("electroCore") (ECOR) for violations of federal securities laws.
On or about June 22, 2018, electroCore sold 5.2 million shares of stock in its initial public stock offering (the "IPO"), at $15 a share raising $78,000,000 in new capital. However, since the IPO, electroCore stock has plummeted, on June 21, 2019, the stock closed at $2.12.
On May 14, 2019, the Company announced disappointing financial results for the first quarter of 2019. Operating loss for the first quarter of 2019 was $14.2 million as compared to an operating loss of $9.1 million in the first quarter of 2018.
Then on May 29, 2019, the Company's announced a restructuring and cost-cutting plan. As part of the initiative, Chief Executive Officer, Francis Amato, agreed to a 10% cut in his base salary. Less than two weeks later, on June 10, 2019, electroCore announced that Frank Amato would be stepping down as Chief Executive Officer.
Specifically, Johnson Fistel's investigation seeks to determine whether electroCore Company's filings with the U.S. Securities and Exchange Commission related to the stock offering contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading.
If you have information that could assist in this investigation, including past employees and others, or if you are an electroCore shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
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