The complaint, filed by Hagens Berman Sobol Shapiro LLP, covers investors who purchased PROCEPT common stock between February 28, 2024, and February 25, 2026. According to the filing, the company allegedly utilized late-quarter discount programs to incentivize bulk purchases that exceeded actual clinical procedure demand. This strategy effectively pulled future revenue into the current period, creating a false picture of consistent growth.

The truth surfaced through a series of quarterly earnings misses that triggered sharp drops in the company's share price. By the time PROCEPT disclosed its Q4 2025 results on February 25, 2026, it revealed that U.S. handpiece sales had exceeded actual patient procedures in every quarter since early 2023. The company reported a cumulative excess inventory of over 10,000 units, leading to a 30% sequential cratering in sales and the subsequent cancellation of its bulk discount program. Between August 2025 and late February 2026, the company’s stock price declined by more than 48%. Reed Kathrein, a partner at Hagens Berman, noted that the investigation is focused on whether management intentionally obscured these practices to meet market expectations. The deadline for investors to seek lead plaintiff status is September 22, 2026.