We are investigating electroCore, Inc. (ECOR) (“electroCore” or the “Company”) for potential violations of the federal securities laws.
In June 2018, electroCore conducted its initial public offering (“IPO”), selling 5.98 million shares of common stock priced at $15.00 per share. On May 14, 2019, electroCore announced first quarter 2019 financial results that fell short of market expectations, reporting $410,000 in net sales and an operating loss of $14.2 million. On this news, electroCore’s stock price fell $1.58 per share, or 29.64%, to close at $3.75 per share on May 15, 2019. Then, on September 25, 2019, electroCore disclosed that the U.S. Food and Drug Administration had requested additional information and analysis of clinical data in connection with electroCore’s 510(k) submission seeking an expanded indication for the use of gammaCore, the Company’s lead product. On this news, electroCore’s stock price fell $0.79 per share, or 23.51%, to close at $2.57 per share on September 25, 2019.