BOSTON, Aug. 03, 2020 (GLOBE NEWSWIRE) -- On June 8, 2020, OSS Research published a report entitled “Strong Sell on Tactile Systems: Bloated Stock Needs Compression Therapy,” regarding Tactile Systems Technology, Inc. (NASDAQ: TCMD). In this report, OSS Research asserted, among other things, that “the likely true source of Tactile’s growth” is “a kickback arrangement . . . resulting in rampant over-prescribing” and that “Medicare has launched an audit, and data reveals Tactile has been found non-compliant on 71% of its claims.” The OSS Research report further noted that “[s]ince 2017, Tactile has seen multiple key departures” among its executive leadership. On this news, TCMD’s stock price fell $5.28 per share, or approximately 10%, to close at just $47.26 per share on June 8, 2020.
On August 3, 2020, after the markets closed, TCMD issued a press release detailing its financial results for the second quarter and six months ended June 30, 2020. It reported a total revenue decrease of 22% year-over-year, a net loss per share of $0.72, and revenue that missed analysts’ expectations.
Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, is investigating whether TCMD and certain of its executives may be liable for potential securities fraud.
If you purchased or acquired shares of TCMD and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at firstname.lastname@example.org, or at https://www.blockleviton.com/cases/tcmd.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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SOURCE: Block & Leviton LLP