NEW YORK, March 17, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Invuity, Inc. (“Invuity” or the “Company”) (NASDAQ: IVTY ) of the April 28, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Invuity common stock between July 19, 2016 and November 3, 2016 (the “Class Period”). The case, Paciga v. Invuity, Inc. et al , No. 4:17-cv-01005 was filed on February 27, 2017, and has been assigned to Judge Jeffrey Steven White.
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: (a) the continued opportunities for growth in mature active accounts stagnated after the initial sale of a new product; (b) revenues per active account were actually declining; (c) the Company’s sales force was not meeting stated revenue growth goals in mature active accounts; and (d) as a result, the Company’s statements about its business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Specifically, after market close on November 3, 2016, Invuity reported its third quarter 2016 earnings for the period ended September 30, 2016. The Company stated it had dramatically cut its revenue expectations and 2017 guidance from a projected $60 million to $43 million due in part to a decline in average revenue per account.
On this news, Invuity’s share price fell from $9.25 per share on November 3, 2016 to a closing price of $5.10 on November 4, 2016 —a $4.15 or a 44.87% drop.
Request more information now by clicking here: www.faruqilaw.com/IVTY . There is no cost or obligation to you.
Take Action
If you invested in Invuity stock between July 19, 2016 and November 3, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/IVTY . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Invuity’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that 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 of whether or not to serve as a lead plaintiff. Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
