TCMD.US
id: 751, Created by Stan Vick, Scout
Tactile Systems Technology (TCMD) $5M Investor Settlement
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- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim deadline for this case already passed by, but we can still try and file for compensation for you
Claim payout
D. Minnesota
Court0:20-cv-02074-NEB-DTS
Case number07 May 2018
Class period Start08 Jun 2020
Class period End23 Aug 2023
Claim deadlineTactile 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:
- 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;
- Tactile’s revenues were in part the product of unlawful conduct and were thus unsustainable;
- 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;
- Tactile overstated its revenue from the Department of Veterans Affairs and the Center for Medicare & Medicaid Services; and
- 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.
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
Lead plaintiff
Brian Mart, St. Clair County Employees’ Retirement System
Attorney
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
+$5,000,000
Total Settlement Amount