NEW YORK, June 09, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against TransEnterix, Inc. (“TransEnterix” or the “Company”) (NYSE:TRXC) in the United States District Court for the Eastern District of North Carolina on behalf of purchasers of TransEnterix common stock between February 10, 2016 through May 10, 2016, inclusive (the “Class Period”).
Shareholders who have purchased TransEnterix, Inc. common stock within the class period and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.
If you purchased shares of TransEnterix, Inc. and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later than August 1, 2016.
According to the filed Complaint, Defendants issued false and misleading statements to investors and/or failed to disclose deficiencies within TransEnterix’s 510(k) submission regarding SurgiBot that undermined the likelihood that SurgiBot would receive FDA clearance, which would leave the Company unable to commercialize the SurgiBot in 2016 and would impair the Company’s ability to obtain approval for and commercialize its other robotic surgery platform in the United States. As a result, TransEnterix’s public statements were materially false and misleading at all relevant times.
On April 20, 2016, the Company issued a press release announcing its receipt of a response from the FDA on its SurgiBot 510(k) submission, which stated that “the FDA has determined that the SurgiBot System does not meet the criteria for substantial equivalence based upon the data and information submitted by TransEnterix in its 510(k) submission.” On this news, TransEnterix stock fell $2.47 per share, or more than 50%, to close at $2.27 per share on April 21, 2016.
Thereafter, on May 10, 2016, the Company issued a press release stating that it “expect[ed] to have further discussion with the FDA, but currently believes that a new 510(k) submission would be required to obtain clearance,” that it was reprioritizing its near-term regulatory efforts to focus on another submission, and that, as a result, it “ha[d] taken actions to reduce headcount and investment related to the SurgiBot.” On this news, TransEnterix common stock fell an additional 10% to close at $1.84 per share on May 11, 2016.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. You may also follow the firm and learn about newly filed cases on Twitter and Facebook.
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