According to a law firm press release, after the markets closed on November 3, 2016, Invuity announced its financial results for the third quarter of 2016 and, citing in part a decline in average revenue per account, the Company lowered its guidance. Invuity’s stock price fell significantly following the news.

The complaint filed in this class action alleges that Invuity issued false and misleading statements about its operations and results. Specifically, during the Class Period, Invuity misrepresented its ability to sustain its average revenue per account, which serves as a critical metric for the Company’s growth.

On May 30, 2017, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 31. Defendants filed a Motion to Dismiss the amended Complaint on September 14. On September 26, 2018, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to file an amended Complaint. On October 16, Lead Plaintiff filed a second amended Complaint. Lead Plaintiff filed a revised second amended Complaint on October 26. On December 5, Defendants filed a Motion to Dismiss the amended Complaint. On August 12, 2019, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. Lead Plaintiff filed a third amended Complaint on September 12.

On November 23, 2020, the Court issued an Order granting Defendants' Motion to Dismiss, and declined to give Plaintiffs leave to file an amended complaint. The Clerk of Court was directed to enter judgment and close this case.