TransEnterix Inc

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Case Summary
Company Name: TransEnterix Inc
Stock Symbol : NYSE: TRXC
Class Period Start: 02/10/2016
Class Period End: 05/10/2016
Lead Plaintiff motion: 08/01/2016
Date Filed: 06/02/2016
Type of Case: Securities Class Action
Court: U.S. District Court for the Eastern District of North Carolina
Summary:

Thieler Law Corp advises investors with losses exceeding $100,000 of the August 1, 2016 lead plaintiff deadline in a class action lawsuit filed against TransEnterix Inc (NYSE: TRXC) (“TransEnterix” or “the Company”). The suit is pending in the U.S. District Court for the Eastern District of North Carolina and investors, who purchased TransEnterix Inc securities between February 10, 2016 and May 10, 2016, have until August 1, 2016 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased TransEnterix Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding key aspects of the Company's business.  In particular, the complaint alleges defendants failed to disclose deficiencies within the Company's 510(k) submission regarding the SurgiBot that undermined the likelihood that the SurgiBot would receive FDA clearance, which would leave the Company unable to commercialize the SurgiBot in 2016 and would impair the Company's ability to obtain approval for and commercialize its other robotic surgery platform in the United States. As a result, TransEnterix’s public statements were materially false and misleading at all relevant times.

On April 20, 2016, TransEnterix revealed that the Food and Drug Administration ("FDA") informed the Company on April 19, 2016, that it has determined that "SurgiBot™ System does not meet the criteria for substantial equivalence based upon the data and information submitted by TransEnterix in its 510(k) submission." 

On this news, TransEnterix shares were down more than 56% on intraday trading on April 21, 2016.

If you were negatively impacted by your investment in TransEnterix Inc securities between February 10, 2016 and May 10, 2016 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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