SAN FRANCISCO, Oct. 19, 2022 (GLOBE NEWSWIRE) — Hagens Berman is urging Establishment Labs Holdings Inc. ESTA Investors who have suffered significant losses Submit your losses now. The firm is investigating possible violations of the Securities Act.
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Formation of Labs Holdings Inc. ESTA Detection:
The investigation focuses on Establishment Labs’ repeated claims that its breast implants are safer than those of its competitors based on “rigorous science” and “clinical data.”
On October 19, 2022, Establishment Labs’ claims were challenged, as an analyst Hindenburg research published a scathing report titled “Establishment Labs: A Financially Stretched Silicon Safety Charade.” Hindenburg accuses the company of misleading investors about safety claims, concluding in part: (1) “Almost all major safety studies touted by the company have undisclosed or underdisclosed conflicts of interest;” (2) “The Australian and French authorities raised concerns about the company’s data as Australian regulators described the company’s key safety data as “uncontrolled observational studies”.(3) “[t]The Establishment consultant, who was just hired to support its launch in the US, was sued by the SEC in 2018 for fraudulently lying and then destroying records that obscured regulatory and safety issues with breast implants;” and (4 ) “Records show Establishment supplying products to companies formerly owned by the CEO and his family, raising questions about conflicts of interest.”
In response, Establishment Labs stock closed sharply lower on October 19, wiping out more than $100 million in shareholder value.
“We are focused on investor losses and whether the company misled investors about research allegedly supporting its product safety claims and financial risks,” said Reed Kathrein, the Hagens Berman partner who led the investigation.
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