PHILADELPHIA, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Paragon 28, Inc. (“Paragon 28” or the “Company”) (NYSE: FNA) on behalf of purchasers of Paragon 28 securities between May 5, 2023 and August 8, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired PARAGON 28 securities during the Class Period may, no later than NOVEMBER 29, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
Paragon 28, headquartered in Englewood, Colorado, describes itself as a company that “develops, distributes, and sells medical devices in the foot and ankle segment of the orthopedic implant marketplace.”
According to the lawsuit, Defendants misled investors throughout the Class Period as to the fact that: (i) Paragon 28’s financial statements were misstated; and (ii) Paragon 28 lacked adequate internal controls and at times understated the extent of the issues with Paragon 28’s internal controls.
Investors began to learn the truth on July 30, 2024, when Paragon 28 disclosed that its “previously issued audited consolidated financial statements for the fiscal year ended December 31, 2023 . . . and the unaudited condensed consolidated financial statements contained within the Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023, June 30, 2023, September 30, 2023, and March 31, 2024 should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required.”
On this news, the price of Paragon 28 shares fell 13% to close at $7.79 per share on July 31, 2024.
The complaint further alleges that on August 8, 2024, Paragon 28 filed an amended Annual Report on Form 10-K/A for the year ended December 31, 2023 that included restated 2023 figures for inventories, net and cost of goods sold. On this news, the price of Paragon 28 common stock fell more than 20% to close at $6.64 per share on August 9, 2024.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
