The complaint, filed in the United States District Court for the Northern District of California, alleges that Procept misled the market regarding the relationship between handpiece sales and clinical procedures. Between February 28, 2024, and February 25, 2026, management reportedly assured investors that handpiece unit sales served as a reliable proxy for the utilization of its AquaBeam Robotic Systems. However, the lawsuit contends that handpiece sales exceeded actual procedure counts by 8% to 16% every quarter since early 2023.

By the end of the class period, the company faced an alleged excess field inventory of over 10,000 units, coinciding with a 30% sequential contraction in unit sales. Following a series of disclosures in February 2026, Procept shares plummeted by approximately 75%, representing a decline of roughly $75 per share from their peak. Attorney Joseph E. Levi of Levi & Korsinsky is representing the class, noting that investors were deprived of critical transparency regarding the company’s recurring revenue model and the true state of product utilization in the field.