SAN
DIEGO, Feb. 16, 2024 /PRNewswire/ -- DiCello
Levitt LLP announces that purchasers or acquirers of InMode Ltd.
("InMode" or the "Company") (NASDAQ: INMD) common stock between
June 4, 2021 and October 12, 2023, inclusive (the "Class Period")
have until April 15, 2024 to seek
appointment as lead plaintiff of the InMode class action lawsuit.
The lawsuit charges InMode and certain of its senior executive
officers with violations of the Securities Exchange Act of
1934.
If you purchased shares of InMode common stock between
June 4, 2021 and October 12, 2023, and suffered substantial
losses, and you wish to serve as lead plaintiff in this lawsuit,
you may submit your information here:
https://dicellolevitt.com/securities/inmode/.
You can also contact DiCello Levitt partner Brian O'Mara by calling (888) 287-9005 or at
investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are
not represented by counsel unless you retain one. You may select
counsel of your choice. You may also remain an absent class member
and do nothing at this point. An investor's ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
Allegations
The InMode lawsuit alleges that throughout the
Class Period, InMode and its executives made false and misleading
statements to investors concerning two important topics:
- InMode falsely highlighted the strong demand for its products,
telling investors that the Company's products were never sold at a
discount. In truth, however, InMode employed deceptive and
predatory practices to sell its products and secretly applied
significant discounts to almost every device it sold, expecting
sales representatives to discount devices anywhere between 16% and
40% off the list price.
- InMode misled investors concerning its compliance with U.S.
Food and Drug Administration ("FDA") regulations, including the
FDA's prohibition on off-label marketing of devices and the FDA's
requirements for reporting injuries. Unbeknownst to
investors, InMode marketed several of its products for use outside
of their FDA approval and never notified the FDA of known injuries
caused by its devices until early 2023.
The truth began to be revealed when, on February 17, 2023, an investigative publication
revealed that InMode had threatened some customers with legal
action over complaints made about the Company's devices and sales
tactics. On this news, the price of InMode common stock
declined $1.21 per share to a closing
price of $35.81 per share on
February 21, 2023.
Then, on October 12, 2023, InMode
lowered its full-year revenue guidance, which the Company blamed on
higher interest rates, tighter leasing approval standards, and
bottlenecks in loan processing. Later that day, an investigative
publication previewed a forthcoming report on InMode, relating
to the Company's statements and practices about pricing flexibility
and margin consistency. After the close of trading, the
publication's story revealed that InMode significantly
discounted the prices of its devices on a routine basis throughout
the Class Period. On this news, the price of InMode common
stock fell $7.24 per share, or nearly
26%, from a closing price of $27.99
per share on October 11, 2023, to a
closing price of $20.75 per share on
October 13, 2023.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our
clients through securities, class action, business-to-business,
public client, whistleblower, personal injury, civil and human
rights, and mass tort litigation. Our lawyers are highly respected
for their ability to litigate and win cases—whether by trial,
settlement, or otherwise—for people who have suffered harm, global
corporations that have sustained significant economic losses, and
public clients seeking to protect their citizens' rights and
interests. Every day, we put our reputations—and our capital—on the
line for our clients.
DiCello Levitt has achieved top recognition as 2023 Plaintiffs
Firm of the Year and 2023 Trial Innovation Firm of the Year by the
National Law Journal, in addition to its top-tier
Chambers and Benchmark ratings. For more information
about the Firm, including recent trial victories and case
resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
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SOURCE DiCello Levitt LLP