GlobeNewswire Inc | Oct 16, 2020 04:28PM EDT

October 16, 2020

NEW YORK, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Tactile Systems Technology, Inc. (TCMD or the Company) (NASDAQ: TCMD) between May 7, 2018 and June 8, 2020 (the Class Period). The lawsuit filed in the United States District Court for the District of Minnesota alleges violations of the Securities Exchange Act of 1934.

If you purchased Tactilesecurities, and/or would like to discuss your legal rights and options please visit TCMD Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) while Tactile publicly touted a $4 plus billion or $5 plus billion market opportunity, in truth, the total addressable market for Tactiles PCDs was materially smaller; (2) to induce sales growth and share gains, Tactile and/or its employees were engaged in illicit and illegal sales and marketing activities in violation of applicable federal and state rules and public payer regulations; (3) the foregoing illicit and illegal sales and marketing activities increased the risk of a Medicare audit of Tactiles claims and criminal and civil liability; (4) Tactiles revenues were in part the product of unlawful conduct and thus unsustainable; and that as a result of the foregoing (5) Defendants public statements, including Tactiles year-over-year revenue growth, the purported growth drivers, and the effectiveness of Tactiles internal controls over financial reporting were materially false and misleading at all relevant times.

On June 8, 2020, research firm OSS Research published a scathing report about the Company entitled Strong Sell on Tactile Systems: Bloated Stock Needs Compression Therapy. In the report, OSS Research accused Tactile of (1) overstating its total addressable market by nearly $4.7 billion, (2) using a daisy-chaining kick-back scheme that has resulted in rampant overprescribing and rapid market share gains at the expense of patients, insurers and the public, and (3) concealing Medicare audits resulting in denials, for failure to establish medical necessity, of a whopping 71% of Tactiles submitted claims.

On this news, the Companys stock price fell $6.05, or 11.69%, from its June 8, 2020 opening price of $51.72 per share to a June 9, 2020 close of $45.67.

If you wish to serve as lead plaintiff, you must move the Court no later than November 30, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesnt require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased Tactilesecurities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/tactilesystemstechnologyinc-tcmd-shareholder-class-action-lawsuit-stock-fraud-317/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named toThe National Law JournalsPlaintiffs Hot List thirteen times and listed inThe Legal 500for ten consecutive years.

ATTORNEY ADVERTISING. 2020 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact InformationMatthew E. GuarneroBernstein Liebhard LLP https://www.bernlieb.com(877) 779-1414MGuarnero@bernlieb.com