InMode Ltd.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
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The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On February 17, 2023, an investigative report disclosed that InMode had issued legal threats against certain customers who had voiced complaints about the Company’s devices and sales practices. Allegedly, InMode offered to replace malfunctioning products in exchange for customers signing confidentiality agreements. Subsequently, InMode’s stock experienced a decline of $1.21, equivalent to 3.3%, reaching a closing price of $35.81 per share on February 21, 2023, causing financial harm to investors.
Then, on October 12, 2023, InMode revised its annual revenue forecast downwards due to increased interest rates, stricter leasing approval criteria, and delays in loan processing. Concurrently, another investigative report unveiled that InMode routinely applied significant discounts to its product prices. Consequently, InMode’s stock plummeted by $7.24, a staggering 25.9%, closing at $20.75 per share on October 13, 2023, inflicting further financial losses on investors.
The class action complaint contends that throughout the Class Period, the Defendants disseminated materially false and/or misleading statements while omitting significant adverse facts about the Company’s business, operations, and future prospects. Notably, the Defendants allegedly failed to disclose: (1) the pervasive discounting strategy applied to nearly all InMode devices; (2) the pivotal role of discounts in driving demand for the Company’s products; (3) violations of FDA regulations through off-label marketing and promotion of products for unapproved indications; (4) breaches of FDA regulations by neglecting timely reporting of device-related injuries; and (5) thus, the Defendants’ positive representations regarding the Company’s business, operations, and prospects were materially deceptive and/or lacked a reasonable foundation throughout the relevant period.
