Axogen, Inc. (NASDAQ: AXGN)
Hagens Berman Sobol Shapiro LLP alerts investors in Axogen, Inc. (NASDAQ: AXGN) to the March 11, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Middle District of Florida.
If you purchased or otherwise acquired shares of AXGN between August 7, 2017 and December 18, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing AXGN@hbsslaw.com.
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 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 senior management turnover,” said Hagens Berman partner Reed Kathrein.
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