Robbins LLP Is Investigating the Officers and Directors of Endologix, Inc. (ELGX) on Behalf of Shareholders

Robbins LLP is investigating whether certain officers and directors of Endologix, Inc. (NasdaqGS: ELGX) breached their fiduciary duties to shareholders. Endologix develops, manufactures, markets, and sells medical devices for the treatment of abdominal aortic aneurysms in the United States and internationally.

Endologix Accused of Lying to Investors About the Safety of its Leading Product

A securities class action complaint has been filed against Endologix for alleged violations of the Securities Exchange Act of 1934 by Endologix's officers and directors between May 5, 2016 and May 18, 2017. According to the complaint, while assuring investors that the company's leading product, Nellix, was on track to be approved by the U.S. Food and Drug Administration ("FDA"), Endologix officials concealed a "serious and unsolvable problem with the Nellix device" in which it drifts from its initial placement in the patient posing significant dangers to the subject. On May 17, 2017, Endologix revealed it would not seek FDA approval of the first generation Nellix device, but would seek approval of a second generation Nellix device, which will require a separate clinical trial and will push the timeline for approval of Nellix to 2020. On this news, Endologix stock fell nearly 40%, or $6.77 per share, to close at $4.44 per share on May 19, 2017.

Endologix Shareholders Have Legal Options

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