LOS ANGELES--(BUSINESS WIRE)--
Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Endologix, Inc. (“Endologix” or the “Company”) (NASDAQ: ELGX) securities between August 2, 2016 and November 16, 2016, inclusive (the “Class Period”). Endologix investors have until March 6, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Endologix investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
Endologix develops, manufactures, markets and sells medical devices for the treatment of abdominal aortic aneurysms in the United States and internationally.
Nellix is Endologix’s endovascular aneurysm sealing system for infrarenal abdominal aortic aneurysms. On August 2, 2016, Endologix indicated that it 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. However, on November 16, 2016, Endologix disclosed that the FDA had requested a two-year follow-up on patients enrolled in the EVAS-FORWARD-IDE study to accurately evaluate Nellix. On this news, shares of Endologix fell over 20% to close at just $7.82 per share on November 16, 2016.
Then on December 27, 2016 Endologix announced a temporary hold on AFX Endovascular AAA System shipments, citing the need to complete an investigation of a manufacturing issue with different sizes of the device.
The Complaint filed in this class action lawsuit alleges that throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Endologix did not have the necessary clinical data for FDA premarket approval of its Nellix® EndoVascular Aneurysm Sealing System; and (2) consequently, the Company's public statements were materially false and misleading at all relevant times.
On this news, shares of Endologix have fallen nearly 20% to just $5.76 per share during intra-day trading on December 27, 2016.
If you purchased shares of Endologix during the Class Period you may move the Court no later than March 6, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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