INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against electroCore, Inc. & ...
The law firm of Kirby McInerney LLP reminds investors that a
class action lawsuit has been filed in the U.S. District Court of
New Jersey on behalf of those who acquired electroCore, Inc.
(“electroCore” or the “Company”) (NASDAQ: ECOR) securities during
the period from June 22, 2018 through September 25, 2019 (the
“Class Period”) and/or pursuant or traceable to the Company’s June
2018 initial public offering (“IPO”). Investors have until November
25, 2019 to apply to the Court to be appointed as lead plaintiff in
The lawsuit alleges that the Company failed to disclose a number
of facts concerning its lead product, gammaCore, including that:
(i) gammaCore did not possess any advantages over existing
treatments making it unlikely to be adopted by doctors and
patients; (ii) the Company’s voucher program was not effective to
increase adoption of gammaCore; (iii) the Company lacked sufficient
resources to successfully commercialize gammaCore; (iv) the
Company’s product registry and efforts were ineffective to initiate
reimbursement policies by commercial payors for gammaCore which
would materially affect adoption and sales; and (v) that the
Company lacked sufficient clinical data demonstrating that
gammaCore was effective and safe for migraine prevention which made
it unlikely that the Company’s 510(k) submission would be approved
by the FDA.
In June of 2018, electroCore completed its IPO in which it sold
5.2 million shares at $15.00 per share. On May 14, 2019, the
Company announced that its first quarter 2019 financial results
fell short of investors’ expectations, reporting $410,000 in net
sales and an operating loss of $14.2 million. On this news,
electroCore’s share price fell $1.58, or 29.6%, to close at $3.75
per share on May 15, 2019.
Then, on September 25, 2019, the Company revealed that the FDA
had requested more information and analysis of clinical data for
electroCore’s 510(k) submission, which sought an expanded
indication for the use of gammaCore as a migraine prevention
treatment. On this news, electroCore’s share price fell $0.79, or
22.6%, to close at $2.57 per share on September 25, 2019.
By market close on September 26, 2019, electroCore stock was
trading as low as $2.48 per share, an 83% decline from the $15 IPO
If you acquired electroCore securities, have information, or
would like to learn more about these claims, please contact Thomas
W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at
email@example.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
version on businesswire.com: https://www.businesswire.com/news/home/20190927005522/en/
Kirby McInerney LLP Thomas W. Elrod, Esq., (212) 371-6600
Historical Stock Chart
From Dec 2020 to Jan 2021
Historical Stock Chart
From Jan 2020 to Jan 2021