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On October 19, 2022, Establishment Labs Holdings Inc. (ESTA) stocks tumbled 21.7% in premarket, after short-seller Hindenburg Research alleged that it found most safety studies of the company's products have "conflicts of interest," and that many patient testimonials and multiple lawsuits dispute the company's claims of safety and satisfaction.
Hindenburg, among other things, also stated:
- the RFID chips embedded in the Company's implants were originally intended for pets and were "improperly marketed" for medical use.
- Australian and French authorities expressed concerns with the company’s data, with Australian regulators calling the company’s main safety data “observational uncontrolled studies”.
- The FDA, which holds the keys to the company’s expansion plans in the U.S., presented an existential risk to the industry a month ago, issuing a new warning on ALL implants in response to women who have been getting mysteriously sick after augmentations.
Given the seriousness of the allegations and the reaction of the market, the Company's shareholders have every reason to suspect that their rights have been significantly violated either by the Company or by the regulator or research entity.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
19 October 2022