We are investigating Intersect ENT, Inc. (XENT) (“Intersect” or the “Company”) for potential violations of the federal securities laws.
On August 1, 2018, before the market opened, Intersect disclosed that it faced certain challenges relating to the launch of its SINUVA sinus implant product, which had negatively impacted the Company’s second quarter 2018 financial results. On this news, Intersect’s stock price fell $6.30 per share, or roughly 19.5%, to close at $26.05 per share on August 1, 2018. Then, on May 6, 2019, Intersect disclosed a first quarter 2019 loss of $10.8 million and lowered guidance for the remainder of 2019. Intersect also reported the resignation of Lisa D. Earnhardt, the Company’s Chief Executive Officer for 11 years. On this news, Intersect’s stock price fell $8.05 per share, or roughly 24.3%, to close at $25.10 per share on May 7, 2019.