The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Invuity, Inc. (NASDAQ: IVTY) who purchased shares between July 19, 2016 and November 3, 2016. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, Defendants issued materially false and/or misleading statements about its operations and results and misrepresented its ability to sustain its average revenue per account, which serves as a critical metric for the Company’s growth.
After the markets closed on November 3, 2016, Invuity revealed its financial results for its third quarter of 2016, lowering its guidance and noting a drop in average revenue per account. Following this news, Invuity stock dropped, damaging investors.
Shareholders have until April 28, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.