The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Minnesota on behalf of investors who purchased Tactile Systems Technology, Inc. (NASDAQ: TCMD) securities between May 7, 2018 and June 8, 2020.
According to the Tactile Systems lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in truth, the total addressable market for Tactile’s pneumatic compression devices was materially smaller; (2) to induce sales growth and share gains, Tactile and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations; (3) the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of Tactile’s claims and criminal and civil liability; (4) Tactile’s revenues were in part the product of unlawful conduct and thus unsustainable; and that as a result of the foregoing, (5) Defendants’ public statements, including Tactile’s year-over-year revenue growth, the purported growth drivers, and the effectiveness of Tactile’s internal controls over financial reporting were materially false and misleading at all relevant times.
If you suffered a loss in Tactile Systems you have until November 30, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
To receive more information, please fill out the form.