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Case Status:    ONGOING    
On or around 05/26/2023 (Date of last review)

Filing Date: October 06, 2021

According to the Complaint, Eargo, Inc. is a medical device company. It claims that its hearing aids “are the first and only virtually invisible, rechargeable, completely-in-canal, FDA-regulated, exempt Class I and Class II devices for the treatment of hearing loss.”

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 Eargo had improperly sought reimbursements from certain third-party payors; (2) that the foregoing was reasonably likely to lead to regulatory scrutiny; (3) that, as a result and because the reimbursements at issue involved the Company’s largest third-party payor, Eargo’s financial results would be adversely impacted; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.

This case was voluntarily dismissed on December 17, 2021. A related case continues under Docket 21-CV-08597.

On January 5, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-cv-08597.

Lead Plaintiff filed a consolidated Complaint on May 20, 2022. Defendants filed Motions to Dismiss the consolidated Complaint on July 29. On February 14, 2023, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a consolidated amended Complaint on March 16, 2023.

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