Portnoy Law Firm: Tactile Systems Technology, Inc., Pintec Technologies Holdings Limited, and Immunomedics, Inc. Investors Have Limited Amount of Time Before Class Action Deadline

11/27/2020, 2:00 PM (Source: GlobeNewswire)

LOS ANGELES, Nov. 27, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of investors in the following publicly traded companies. Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court. There is no cost or obligation to you. See below for more information on these cases.

Tactile Systems Technology, Inc. investors (NASDAQ: TCMD); November 30, 2020 deadline, click here to join.

Pintec Technologies Holdings Limited investors (NASDAQ: PT); November 30, 2020 deadline, click here to join.

Immunomedics, Inc. investors (NASDAQ: IMMU); click here to join.

Tactile Systems Technology, Inc. The investigation focuses on whether the company’s officers misled investors regarding the reason for Tactile’s growth, namely that Tactile allegedly hid a kickback scheme from investors. On June 8, 2020, OSS Research issued a report alleging that, "We address the likely true source of Tactile's growth: a kickback arrangement, we believe, is resulting in rampant over-prescribing. Payers, including the VA, are cracking down and cutting reimbursement to Tactile…Medicare has launched an audit and data reveals Tactile has been found non-compliant on 71% of its claims.” On this news, the Company's share sharply. The Portnoy Law Firm has commenced an investigation into these claims of alleged securities fraud and currently prepares a complaint on behalf of investors.

Pintec Technologies Holdings Limited According to the lawsuit, Pintec throughout the Class Period made misleading and/or false statements and/or failed to disclose that: (1) Pintec had erroneously recorded revenue it had earned from certain technical service fees on a net basis, instead of a gross basis; (2) there were material weaknesses in Pintec’s internal control regarding financial reporting that related to cash advances that were outside the normal course of business to Jimu Group, a related party, as well as to a non-routine loan financing transaction with a third-party entity, Plutux Labs; (3) Pintec’s financial results for fiscal 2017 and 2018 had been misstated, as a result of the foregoing; and (4) Pintec’s positive statements about the their prospects, operations, and business were materially misleading and/or lacked a reasonable basis, as a result of the foregoing. The lawsuit claims that investors suffered damages, when the true details entered the market.

Immunomedics, Inc. It is alleged in this complaint that Immunomedics misled investors by failing to disclose that the its Morris Plains, New Jersey manufacturing facility had suffered a breach of serious data integrity, and that the FDA found that it had manipulated bioburden samples, misrepresented an integrity test procedure in the batch record, and backdated batch records, including the dates of analytical results. Immunomedics suffered market capitalization losses in excess of $1 billion as the true facts about the data integrity breach were disclosed, damaging investors who purchased the stock during the February 9, 2018 to January 17, 2019 class period.

The Portnoy Law Firm represents investors on a contingency basis in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar

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