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Lawsuit filed for Investors who lost money with shares of InMode Ltd. (NASDAQ: INMD)

02-22-2024 07:06 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in InMode Ltd. (NASDAQ: INMD) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in InMode Ltd. (NASDAQ: INMD) shares over alleged securities laws violations.

An investor, who purchased shares of InMode Ltd. (NASDAQ: INMD), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by InMode Ltd. in connection with certain allegedly false and misleading statements made between June 4, 2021, and October 12, 2023.

Investors who purchased a significant amount of shares of InMode Ltd. (NASDAQ: INMD), have certain options and for certain investors are short and strict deadlines running. Deadline: April 15, 2024. NASDAQ: INMD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Israel based InMode Ltd. designs, develops, manufactures, and markets minimally invasive aesthetic medical products based on its proprietary radiofrequency assisted lipolysis and deep subdermal fractional radiofrequency technologies in the United States and internationally. On February 17, 2023, investigative publication revealed that InMode Ltd. threatened some customers with legal action over complaints made about the Company's devices and sales tactics. The customers also stated that InMode offered to replace defective products on the condition of signing confidentiality agreements with non-disparagement clauses. However, despite these disclosures, InMode continued to misrepresent the pricing of, and demand for, its products.
Then, on October 12, 2023, InMode Ltd. lowered its full-year revenue guidance, which the Company blamed on higher interest rates, tighter leasing approval standards, and bottlenecks in loan processing. Later that same day, an investigative publication announced a forthcoming report on InMode, relating to the Company's statements to investors about pricing flexibility of products and margin consistency.

On December 6, 2023, InMode Ltd. issued a press release "announc[ing] . . . that it is revising its full-year 2023 guidance", citing "stronger-than-expected headwinds from the current macroeconomic environment, resulting in a slowdown in platform sales, mainly in North America." Specifically, InMode stated that it expects "Revenue for the full year 2023 to be in the range of $485 million to $495 million, as compared to the prior estimated range of $500 million to $510 million"; "Non-GAAP gross margin for the third quarter of 2023 to remain in the range of 83% to 85%"; "Non-GAAP income from operations to be in the range of $214 million to $218 million, as compared to the prior estimated range of $220 million to $225 million"; and "Non-GAAP earnings per diluted share for the full year 2023 to be in the range of $2.47 to $2.50, as compared to the prior estimated range of $2.53 to $2.57."

Shares of InMode Ltd. (NASDAQ: INMD) declined from $48.25 per share in July 2023 to as low as $18.57 per share on November 01, 2023.

The plaintiff claims that between June 4, 2021, and October 12, 2023, the Defendants made materially false and misleading statements and omissions concerning two topics that are of critical importance to investors: (1)the price at which InMode sells its devices, which reflects the demand for those products; and (2) InMode's compliance with U.S. Food and Drug Administration ("FDA") regulations, including the FDA's prohibition on off-label marketing of devices and the FDA's requirements for the reporting of injuries. The plaintiff alleges that the defendants repeatedly touted the demand for InMode's devices and told investors that those devices were never sold at a discount, that InMode also assured investors that it had "obtained [FDA] clearance for the current treatments for which we offer our products" and that "no third-party claims have been brought against us to date", and that as a result of these misrepresentations, the price of InMode common stock traded at artificially inflated prices between June 4, 2021, and October 12, 2023.

Those who purchased shares of InMode Ltd. (NASDAQ: INMD) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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