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TCMD.US
id: 751

Tactile Systems Technology (TCMD) $5M Investor Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
D. Minnesota
Court
0:20-cv-02074-NEB-DTS
Case number
07 May 2018
Class period Start
08 Jun 2020
Class period End
23 Aug 2023
Claim deadline
Tactile Systems Technology (TCMD) settles $5 million with Investors.

The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements, and/or failed to disclose adverse information regarding Tactile’s business and operations, and/or engaged in fraudulent schemes and misconduct, specifically:
  1. to induce sales growth of Tactile’s advanced pneumatic compression devices (“PCDs”), Tactile and/or its employees were engaged in illicit sales and marketing activities involving kickback schemes and the submission of false claims to federal healthcare programs in violation of applicable federal statutes;
  2. Tactile’s revenues were in part the product of unlawful conduct and were thus unsustainable;
  3. while Tactile publicly touted a $4 plus or $5 plus billion market opportunity for its advanced PCDs, in truth, the total addressable market was at least three times smaller;
  4. Tactile overstated its revenue from the Department of Veterans Affairs and the Center for Medicare & Medicaid Services; and
  5. as a consequence, Defendants’ fraudulent misconduct and false and misleading public statements caused Tactile securities to trade at artificially inflated prices during the Class Period until the true nature of Defendants’ alleged wrongdoing was disclosed, and the prices of Tactile securities fell, causing damages to Lead Plaintiff and other Members of the Class.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements, 
Financial Misrepresentation, 
Failure to Disclose, 
Omissions
Suspected Party
Directors, 
Management
Security Type
Stocks
Trade Direction
Long
Filing date
29 September 2020
Plaintiffs
Brian Mart, St. Clair County Employees’ Retirement System
Attorneys
Robbins Geller Rudman & Dowd LLP
Defendants
Gerald R. Mattys, Lynn L. Blake, Brent A. Moen, Bryan F. Rishe, Robert J. Folkes
Judge
Hon. Nancy E. Brasel
Administrator
Gilardi & Co LLC
Court hearing date
23 August 2023
Exclusion deadline
02 August 2023
Objection deadline
02 August 2023
Hearing deadline
02 August 2023
Trades matching type
FIFO
+$5,000,000
Cash Settlement Amount