PANW - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against InMode Innodata Fox Factory and X and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, April 07, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of InMode Ltd. (NASDAQ:INMD), Innodata Inc. (NASDAQ:INOD), Fox Factory Holding Corp. (NASDAQ:FOXF), and X. Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
InMode Ltd. (NASDAQ:INMD)
Class Period: June 4, 2021 - October 12, 2023 (Common Stock Only)
Lead Plaintiff Deadline: April 15, 2024
InMode is a global provider of aesthetic medical devices and technology, including devices purporting to offer body sculpting and other rejuvenation technologies. The Company's target customers include dermatologists, dentists, obstetricians and gynecologists, and medical spas.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and omissions concerning two topics that are of critical importance to investors: (1) the price at which InMode sells its devices, which reflects the demand for those products; and (2) InMode's 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 the reporting of injuries. Specifically, Defendants repeatedly touted the demand for InMode's devices and told investors that those devices were never sold at a discount. InMode also assured investors that it had "obtained [FDA] clearance for the current treatments for which we offer our products" and that "no third-party claims have been brought against us to date." As a result of these misrepresentations, the price of InMode common stock traded at artificially inflated prices throughout the Class Period.
According to the complaint, in reality, throughout the Class Period, InMode routinely discounted the prices of its devices and violated FDA regulations by promoting the off-label use of its devices, and by failing to properly report injuries caused by its devices.
The complaint further alleges that the truth began to emerge just before the market closed on February 17, 2023, when an investigative publication revealed that InMode threatened some customers with legal action over complaints made about the Company's devices and sales tactics. The customers also stated that InMode offered to replace defective products on the condition of signing confidentiality agreements with non-disparagement clauses. However, despite these disclosures, InMode continued to misrepresent the pricing of, and demand for, its products.
Then, on October 12, 2023, before the market opened, InMode lowered its full-year revenue guidance, which the ...