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26.02.2019 15:30
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AXGN CLASS ACTION REMINDER: Hagens Berman Reminds AxoGen (NASDAQ: AXGN) Investors of March 11, 2019 Lead Plaintiff Deadline and Possible Accounting Irregularities
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PR Newswire
SAN FRANCISCO, Feb. 26, 2019
SAN FRANCISCO, Feb. 26, 2019 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP reminds investors in Axogen, Inc. (NASDAQ: AXGN) of the March 11, 2019 Lead Plaintiff deadline in the pending securities class action. If you purchased or otherwise acquired AxoGen securities between August 7, 2017 and December 18, 2018 (the "class period") and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing
On December 18, 2018 a SeekingAlpha contributor published a 117-page adverse report about AxoGen.
The contributor's investigation reportedly found in part "[a] number of former employees allege channel stuffing, given that the company's consignment model creates potential for abuse, as well as alleging questionable revenue recognition practices" and "allegations additionally include misleading operating metrics, with one former rep implying that the company's definition of 'active accounts' may overstate the actual number by a factor of ten."
This news drove the price of AxoGen shares down $6.27, or about 23%, to close at $21.36 that day.
More recently, AxoGen's Chief Commercial Officer and its VP U.S. Sales abruptly resigned.
"We're focused on investors' losses, the extent to which management may have engaged in improper promotional efforts and committed accounting irregularities, and the circumstances surrounding the CCO's abrupt departure," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding AxoGen should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email AXGN@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 78 attorneys in 9 offices across the country. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
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SOURCE Hagens Berman Sobol Shapiro LLP
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