May 15, 2017 (Shareholders Foundation) - An investor in shares of Avinger Inc (NASDAQ:AVGR), filed a lawsuit over alleged violations of Securities Laws by Avinger Inc in connection with certain allegedly false and misleading statements made in connection with Avinger’s initial public offering (“IPO”).
According to the complaint the plaintiff alleges that the documents filed in connection with the IPO contained materially false and misleading statements and/or failed to disclose that Avinger, Inc did not have adequate sales and marketing personnel to increase sales of its lumivascular platform products and to commercialize Pantheris, that Avinger, Inc had already experienced problems with the robustness of its lumivascular platform devices, including Pantheris, that physicians and hospitals were requiring more extensive and comprehensive training and education on the benefits of Avinger's products to convince them to adopt and implement Avinger's lumivascular platform products compared to competing products and procedures available in the market, that in turn, Avinger, Inc would not be able to achieve a rapid ramp rate for increased sales of its lumivascular platform, and that as a result, Avinger, Inc was experiencing lower sales and revenues.

Redwood City, CA based Avinger, Inc. is a commercial-stage medical device company that designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral arterial disease (PAD) . On January 30, 2015, Avinger Inc held its initial public offering (“IPO”) at $13 per share. Avinger Inc reported that its annual Total Revenue increased $10.71 million in 2015 to $19.21 million in 2016 and that its Net Loss increased from $47.34 million in 2015 to $56.13 million in 2016. Shares of Avinger Inc (NASDAQ:AVGR) declined from as high as $22.99 per share in December 2015 to as low as $0.45 per share on May 5, 2017.