electroCore Announces Acceptance of Motion to Dismiss in the Federal Court Securities Class Action Suit
07 Outubro 2021 - 9:00AM
electroCore, Inc. (Nasdaq: ECOR), a commercial-stage bioelectronic
medicine company, announced the granting of the company’s motion to
dismiss the federal court securities class action case filed in
Trenton, NJ. On August 13, 2021, New Jersey Federal District Court
Judge Anne E. Thompson dismissed the investors' complaint alleging
that statements made in the registration statement for the
company’s initial public offering in 2018, and public statements
made subsequent to the company’s 2018 IPO, were false and
misleading in violation of federal securities laws. In a detailed
opinion, Judge Thompson considered each of the plaintiffs’
allegations of misrepresentations and omissions and held that the
plaintiffs have not adequately presented arguments for any alleged
untrue statements or that any allegedly omitted information
rendered any factual statement untrue. Judge Thompson also found
that the plaintiffs have failed to adequately allege that
electroCore intended to mislead or omit information. In response,
the plaintiffs filed an amended complaint on October 4, 2021.
This strong decision follows the dismissal with prejudice by a
New Jersey trial court of a prior action alleging securities law
violations in connection with the IPO. That dismissal is currently
on appeal by the plaintiffs in the case and was argued before a
three-judge panel of the Appellate Division of the New Jersey
Superior Court on September 27, 2021.
About electroCore, Inc.electroCore, Inc. is a
commercial stage bioelectronic medicine company dedicated to
improving patient outcomes through its non-invasive vagus nerve
stimulation therapy platform, initially focused on the treatment of
multiple conditions in neurology. The company's current indications
are the preventive treatment of cluster headache and migraine, the
acute treatment of migraine and episodic cluster headache, the
acute and preventive treatment of migraines in adolescents, and
paroxysmal hemicrania and hemicrania continua in adults.
For more information, visit www.electrocore.com.
Forward-Looking StatementsThis press release
and other written and oral statements made by representatives of
electroCore may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements about electroCore's business prospects and clinical and
product development plans; its pipeline or potential markets for
its technologies; the timing, outcome and impact of regulatory,
legal, clinical and commercial developments; the availability and
impact of payer coverage, the potential of nVNS generally and other
statements that are not historical in nature, particularly those
that utilize terminology such as "anticipates," "will," "expects,"
"believes," "intends," other words of similar meaning, derivations
of such words and the use of future dates. Actual results could
differ from those projected in any forward-looking statements due
to numerous factors. Such factors include, among others, the
ability to raise the additional funding needed to continue to
pursue electroCore’s business and product development plans, the
inherent uncertainties associated with developing new products or
technologies, the ability to commercialize gammaCore™, the
potential impact and effects of COVID-19 on the business of
electroCore, electroCore’s results of operations and financial
performance, and any measures electroCore has and may take in
response to COVID-19 and any expectations electroCore may have with
respect thereto, competition in the industry in which electroCore
operates and overall market conditions. Any forward-looking
statements are made as of the date of this press release, and
electroCore assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements, except as
required by law. Investors should consult all of the information
set forth herein and should also refer to the risk factor
disclosure set forth in the reports and other documents electroCore
files with the SEC available at www.sec.gov.
Investors:
Rich Cockrell
CG Capital
404-736-3838
ecor@cg.capital
or
Media Contact:
Jackie Dorsky
electroCore
908-313-6331
Jackie.dorsky@electrocore.com
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