HENDERSONVILLE, TN / ACCESSWIRE / July 16, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of Helius Medical Technologies, Inc. (NASDAQ: HSDT) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between November 9, 2017 and April 10, 2019. Helius Medical Technologies (“Helius”) is a neurotechnology company that focuses on developing, licensing, or acquiring noninvasive technologies for neurological treatment.
Helius Medical Technologies Accused of Misleading Shareholders
According to the complaint, in November 2017, Helius touted statistically significant positive results from its clinical trial evaluating the efficacy of its Portable Neuromodulation Stimulator ("PoNS") for traumatic brain injury, which prompted Helius' submission for de novo classification and 510(k) clearance with the FDA. Despite the alleged positive trial results, in January 2019, Helius announced that the FDA had requested additional information, but assured investors that it had the data to address the FDA's questions. Helius' positive assurances were materially false and misleading as they failed to disclose that the clinical study did not actually produce statistically significant results to support PoNS' efficacy in treatment and therefore Helius lacked sufficient data to support regulatory clearance and approval of PoNS. The truth was finally revealed in April 2019, when Helius disclosed that the FDA had denied clearance of PoNS due to insufficient data supporting its efficacy. On this news, Helius' share price fell $4.11, more than 66%, to close at $2.10, and has yet to recover.
Helius Shareghoders Urged to Contact the Firm
If you purchased Helius securities, have information, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-738, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney born and raised in Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, and is also a supurb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highest rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: [email protected] Website: www.timmileslaw
SOURCE: The Law Offices of Timothy L. Miles