According to the Complaint, electroCore, Inc. is a bioelectronic medicine company with a non-invasive vagus nerve stimulation (“VNS”) therapy. Its lead product gammaCore is used for the acute treatment of pain associated with migraine and episodic cluster headache in adults.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that the Company’s lead product, gammaCore, did not enjoy any advantages over other acute treatments for migraines and episodic cluster headaches; (2) that, as a result, doctors and patients were unlikely to adopt gammaCore over existing treatments; (3) that the Company’s voucher program was not effective to increase adoption of gammaCore; (4) that the Company lacked sufficient resources to successfully commercialize gammaCore; (5) that the Company’s business plan and strategy was not sustainable because electroCore lacked sufficient revenue to be profitable; (6) that the Company’s product registry and efforts were ineffective to initiate reimbursement policies by commercial payors for gammaCore; (7) that the lack of reimbursement would materially impact adoption and sales of gammaCore; (8) that the Company lacked sufficient clinical data demonstrating that gammaCore was effective and safe for migraine prevention; (9) that, as a result, the Company’s 510(k) submission for the use of gammaCore for migraine prevention was unlikely to be approved by the FDA; and (10) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 24, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 17. Defendants filed a Motion to Dismiss the amended Complaint on September 15. On August 13, 2021, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On October 4, 2021, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on November 17. On July 13, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On August 11, Lead Plaintiff filed a notice informing the Court that Lead Plaintiff would not be filing a third amended complaint, and on August 24, 2023, the Court issued a Final Judgment dismissing the case with prejudice.