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Published April 8, 2026
Zynex told investors it was changing pain management.
Record orders. Record revenue. The Company touted profitability and record results.
But behind the scenes, something else was growing.
Starting in 2021, executives blamed “strong order flow” and sales productivity for soaring numbers. They said doctors needed their non opioid devices. They said demand was real. According to the complaint, it wasn’t.
Prosecutors later alleged Zynex shipped massive amounts of electrodes and supplies patients did not need and sometimes never ordered. Insurers were billed hundreds of millions of dollars. Tricare, a major customer, flagged concerns as early as 2022.
In March 2025, payments were suspended. The stock crashed more than 50% in a single day. By December, Zynex filed for bankruptcy. Weeks later, top executives were indicted.
Investors were left stunned.
Now, more shareholders are joining the lawsuit.