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Case Status:    DISMISSED    
On or around 10/06/2017 (Court's order of dismissal)

Filing Date: June 02, 2016

According to the law firm press release, TransEnterix is a medical device company that seeks to use flexible instruments and robotics to improve the outcome of minimally invasive surgery, including through its SurgiBot System (“SurgiBot”), a single-port, robotically enhanced laparoscopic surgical platform. On June 1, 2015, the Company announced that it had submitted its 510(k) application to the United States Food and Drug Administration (“FDA”) seeking “substantial equivalence” approval that would enable TransEnterix to begin marketing and selling the SurgiBot in the United States.

The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse information regarding key aspects of the Company’s business. Specifically, the complaint alleges defendants failed to disclose deficiencies within the Company’s 510(k) submission regarding the SurgiBot that undermined the likelihood that the SurgiBot would receive FDA clearance, which would leave the Company unable to commercialize the SurgiBot in 2016 and would impair the Company’s ability to obtain approval for and commercialize its other robotic surgery platform in the United States. As a result of these false statements and/or omissions, TransEnterix common stock traded at artificially inflated prices during the Class Period, reaching as high as $5.69 per share.

The Defendants filed a Motion to Dismiss on August 4, 2016. The Defendants' Motion to Dismiss was denied as moot on January 5, 2017.

On August 30, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. The Lead Plaintiffs filed an Amended Complaint on September 26.

The Defendants filed a Motion to Dismiss on November 8, 2016. On September 22, 2017, the Court granted the Motion to Dismiss without prejudice. Plaintiffs were given leave to file an amended complaint. On October 6, the court dismissed the action with prejudice with each side to bear its own fees and costs.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Medical Equipment & Supplies
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TRXC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. North Carolina
DOCKET #: 16-CV-00313
JUDGE: Hon. James C. Dever, III
DATE FILED: 06/02/2016
CLASS PERIOD START: 02/10/2016
CLASS PERIOD END: 05/10/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  2. McDaniel & Anderson, LLP
    4942 Windy Hill Drive; P.O. Box 58186, McDaniel & Anderson, LLP, NC 27658
    919.872.3000 ·
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date
COURT: E.D. North Carolina
DOCKET #: 16-CV-00313
JUDGE: Hon. James C. Dever, III
DATE FILED: 09/26/2016
CLASS PERIOD START: 02/10/2016
CLASS PERIOD END: 05/10/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  2. S. Ranchor Harris, III
    8800 Cottingham Way, S. Ranchor Harris, III, NC
    336.500.1835 ·
No Document Title Filing Date