STEVENSON, Md., June 03, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of North Carolina on behalf of purchasers of TransEnterix, Inc. (NYSE MKT:TRXC) (“TransEnterix” or the “Company”) common stock during the period between February 10, 2016 and May 10, 2016, inclusive (the “Class Period”). Investors with losses in excess of $100,000 who wish to become proactively involved in the litigation have until August 1, 2016 to seek appointment as lead plaintiff.

If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court.  The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in TransEnterix common stock during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.  No class has yet been certified in the above action.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that TransEnterix’s deficiencies in the Company’s 510(k) application to the United States Food and Drug Administration (“FDA”) regarding the SurgiBot System (“SurgiBot”), a single-port, robotically enhanced laparoscopic surgical platform, including communications with the FDA that undermined the likelihood that the SurgiBot 510(k) would receive FDA clearance, whether the SurgiBot possessed substantial equivalence to existing robotic surgical devices, and that without 510(k) clearance, the Company would be unable to commercialize the SurgiBot in 2016 and suffer negative impacts on the Company’s ability to obtain approval and commercialization in the United States of its other robotic surgery platform.

According to the complaint, following an April 20, 2016 announcement that the FDA had determined the SurgiBot did not meet the criteria for substantial equivalence based on the data submitted, and a May 10, 2016 announcement that the Company was reprioritizing its near-term regulatory efforts, shelving the SurgiBot, and had taken action to reduce headcount and investment related to the SurgiBot, the value of TransEnterix shares declined significantly.

If you have suffered a loss from investment in TransEnterix common stock purchased on or after February 10, 2016 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

CONTACT:
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com