Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against TransMedics Group, Inc. (TMDX)

/EIN News/ -- NEW YORK, Feb. 17, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all persons or entities who purchased or otherwise acquired TransMedics Group, Inc. (“TransMedics” or the “Company”) (NASDAQ: TMDX) securities between February 28, 2023 and January 10, 2025, inclusive (the “Class Period”).

The Complaint alleges that, during the Class Period, Defendants failed to disclose to investors that: (i) the Company used kickbacks, fraudulent overbilling, and coercive tactics to generate business and revenue; (ii) the Company engaged in unsafe practices and hid safety issues and generally lacked safety oversight; (iii) the foregoing subjected the Company to heightened risk of scrutiny and regulatory risk; and (iv) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

The Complaint alleges that on January 10, 2025, Scorpion Capital issued a 300+ slide report about the Company. The report accused the Company of, among other things, overbilling hospitals that use its services, effectively forcing customers to use certain services, and providing to patients organs that had been rejected by reputable physicians, by way of physicians who were paid by the Company.

On this news, the price of the Company stock dropped $3.74 per share, or 5.15%, to close at $68.81 on January 10, 2025. On January 13, 2025, the Company stock fell a further $4.76 per share, or 6.9%, to close at $64.05.

Investors who purchased or otherwise acquired shares of TransMedic should contact the Firm prior to the April 15, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.