SAN FRANCISCO, November 26, 2020 (GLOBE NEWSWIRE) – Hagens Berman pushes for tactile system technology (NASDAQ: TCMD) Investors to file their losses now. The company has filed a class action lawsuit for securities fraud and certain investors may face sufficient losses to move on behalf of the lead plaintiff.
Hagens Bermans Tactile Securities Litigation::
Throughout the classroom, Defendants allegedly misrepresented and withheld the following: (1) While Tactile publicly announced a $ 4 billion plus $ 5 billion market opportunity, Tactile’s overall addressable market for medical devices was actually much smaller; (2) to induce sales growth and stock gains, Tactile engages in illegal sales and marketing activities; and (3) Tactile’s revenue was, in part, the product of unlawful conduct and therefore unsustainable.
The truth began to emerge on March 20, 2019 when an amended Qui Tam complaint against Tactile was lifted, which contained detailed allegations of illegal sales practices on the part of Tactile and prompted the company to file fraudulent claims with Medicare and the VA.
Then, on February 21, 2020, the court issued an order in the Qui Tam action denying Tactile’s motion for full dismissal.
Finally, research firm OSS Research released a scathing report on the company on June 8, 2020, accusing Tactile of using a daisy chaining kickback program that resulted in widespread overprescription and rapid market share gains at the expense of patients. Insurers and the public. “
Overall, this information resulted in tactile securities falling sharply and destroying significant shareholder value.
If you are a TCMD investor, click here to discuss your statutory rights with Hagens Berman. You can get a copy of the complaint here.
“We are focusing on investor losses and proving that Tactile has deceived investors by using illegal marketing measures to induce sales growth,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
Whistleblower: Individuals with nonpublic information about Tactile should consider their options to help with the investigation or to use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 percent for each successful SEC recovery. Further information is available from Reed Kathrein at 844– –916– –0895 or send an email to [email protected]
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys. The firm represents investors, whistleblowers, employees and consumers in complex legal disputes. More information about the company and its achievements can be found at hbsslaw.com. For the latest news, visit our newsroom or follow us on Twitter @classactionlaw.
Reed Kathrein, 844-916-0895