Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Treace Medical Concepts, Inc. (TMCI)

Core Viewpoint - A securities class action lawsuit has been filed against Treace Medical Concepts, Inc. for allegedly making false and misleading statements regarding its business operations and financial performance during the specified class period [1][2]. Company Summary - The lawsuit claims that Treace Medical failed to disclose significant competition affecting the demand for its primary product, the Lapiplasty 3D Bunion Correction System, leading to a decline in revenue [2]. - The company is accused of needing to accelerate plans to introduce an alternative product to osteotomy due to competitive pressures [2]. - Positive statements made by the company regarding its business prospects are alleged to be materially misleading [2]. Financial Impact - On May 7, 2024, Treace Medical reported its financial results, revealing that competition from minimally invasive osteotomy and Lapiplasty knockoffs hindered growth [3]. - Following this announcement, the company's stock price plummeted by $6.95, nearly 63$4.17 per share on May 8, 2024, with unusually high trading volume [4].