NEW YORK, June 18, 2020 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating claims of violations of federal securities laws on behalf of investors of Tactile Systems Technology, Inc. (“Tactile” or the “Company”) (TCMD).
Tactile is a Minnesota based developer and manufacturer of medical devices. The Company’s devices focus on treating lymphedema and chronic swelling and healing of venous ulcers. Recently, Tactile has faced questions as to misrepresentations made to shareholders.
On June 8, 2020, seekingalpha.com published a report from OSS Research accusing Tactile of overstating its total addressable market by nearly $4.5 billion, constructing a “daisy-chaining” scheme which “resulted in rampant overprescribing and rapid market share gains at the expense of patients, insurers and the public” and concealing the unfavorable Medicare audit of which 71% of the Company’s submitted claims had been denied for failure to establish medical necessity. This news caused Tactile’s shares to drop from $52.54 to $47.26, or approximately 10%.
If you are a shareholder of Tactile who suffered a loss, we encourage you to contact our attorneys at Lowey Dannenberg at (914) 733-7256 or email@example.com to learn more about this case or to discuss your options.
Whistleblowers: Persons with non-public information regarding Tactile should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors.
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