On June 8, 2020, OSS Research published a report entitled “Strong Sell on Tactile Systems: Bloated Stock Needs Compression Therapy,” regarding Tactile Systems Technology, Inc. (NASDAQ: TCMD). In this report, OSS Research asserted, among other things, that “the likely true source of Tactile’s growth” is “a kickback arrangement . . . resulting in rampant over-prescribing” and that “Medicare has launched an audit, and data reveals Tactile has been found non-compliant on 71% of its claims.” The OSS Research report further noted that “[s]ince 2017, Tactile has seen multiple key departures” among its executive leadership. On this news, TCMD’s stock price fell $5.28 per share, or approximately 10%, to close at just $47.26 per share on June 8, 2020.
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